ATM Transaction: Important Information for Customers
Summary:
๐In 2019, the RBI passed a rule stating that if an ATM transaction fails and the customer files a complaint within 7 days, the bank will have to pay a penalty of Rs 100 per day until the money is returned.
๐To claim the penalty, customers must submit a written or online complaint to the bank along with the transaction slip or account statement within 30 days of the failed transaction.
๐If the money is not returned within 7 days of filing the complaint, the customer must fill out an Annexure-5 form, which will start the penalty process.
๐The customer is only eligible to recover the penalty if the complaint is filed within 30 days of the failed transaction.
In 2019, the Reserve Bank of India (RBI) introduced a rule that holds banks accountable for failed ATM transactions. If a customer files a complaint within 7 days of the failed transaction and the bank fails to return the money to the customer’s account, the bank will be required to pay a penalty of Rs 100 per day until the money is returned.
To claim the penalty, customers must submit a written or online complaint to the bank. Along with the complaint, they must provide the transaction slip or account statement as evidence of the failed transaction. This complaint must be filed within 30 days of the failed transaction.
The customer will need to provide some details related to their bank account to the authorized employee of the bank or through the official website/app. If the money is not returned to the account within 7 days of filing the complaint, the customer will need to fill out an Annexure-5 form. The penalty will start from the day this form is filled.
It is important to note that the customer will only be eligible to recover the penalty if the complaint is filed within 30 days of the failed transaction. If the complaint is not lodged within this time frame, the customer will not be entitled to recover the penalty.
In conclusion, the RBI’s rule ensures that banks are held accountable for failed ATM transactions. Customers have the right to file a complaint within 7 days of the failed transaction and can claim a penalty of Rs 100 per day until the money is returned to their account. However, it is crucial for customers to file the complaint within 30 days to be eligible for the penalty recovery.
Source: Khabarcentral.com
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