The Reserve Bank of India (RBI), as per its latest notification dated 27 May, has made yet another customer-friendly move as far as failed automated teller machines (ATM) transactions go.
What’s the problem?
You often use your debit card at an ATM for cash but sometimes the transaction fails. Instead of cash, all you get is a receipt stating that the cash has been withdrawn. The worst part is that though you don’t really get the cash, the amount you punched in gets debited from your account.
What’s the latest move?
RBI routinely receives complaints about failed ATM transactions. In the last few years, RBI has put in place certain customer-friendly measures to sort it out. As per the latest notification, effective 1 July, your bank must recredit the wrongly debited amount in your account within a period of seven working days from the date of your complaint.
As per the RBI notification dated 23 October 2008, banks got 12 working days to recredit the wrongly debited amount in the customer’s account.
Banks have to do so even if you haven’t claimed the amount. In the past, RBI had observed that there had been instances where some banks took as much as 50 days to recredit the cash in customers’ accounts. In fact, RBI thought that such delay on the part of banks was not justified and customers had to suffer for no fault of theirs.
What’s your benefit?
In case your issuing bank fails to recredit the amount in your account within seven working days after receiving your complaint, it has to compensate you with Rs 100 per day after the seventh working day.
What you should keep in mind
Remember that you are entitled to a compensation for delay only if you lodge a claim with the issuing bank within 30 days of the date of transaction. So if you face such an issue, file the complaint as soon as possible. Also, even if you are using another bank’s ATM, you will have to file the complaint with your bank (in which you have an account) and not with the bank whose ATM you used.
All scheduled commercial banks are expected to follow the guidelines. Even if you are a customer of an urban, state or a district cooperative bank, you will get the benefit of the guidelines.