ATM Transaction Important Information
In a recent development, the Reserve Bank of India (RBI) has introduced a new rule in 2019 stating that if a customer files a complaint within 7 days of a failed ATM transaction and the bank fails to refund the money into the customer’s account, the bank will be liable to pay a penalty of Rs 100 per day. This rule aims to ensure that customers are not inconvenienced due to transaction failures and are promptly compensated for any financial loss.
To avail the penalty from the bank, the customer must submit a written or online complaint along with the transaction slip or account statement within 30 days of the transaction failure. The complaint should include details related to the customer’s bank account and must be submitted to an authorized bank employee or through the bank’s official website or app. If the money is not refunded within 7 days of filing the complaint, the customer will be required to fill out an Annexure-5 form, and the penalty will start from the day this form is filled.
According to the RBI rules, if the bank fails to refund the money within 7 days of the complaint, the customer has the right to recover a penalty of Rs 100 per day from the bank. However, it is important to note that the customer can only recover the penalty if the complaint is filed within 30 days of the transaction failure. If the customer fails to lodge a complaint within the stipulated time period, they will not be entitled to recover any penalty.
This new rule by the RBI aims to protect the rights of customers and ensure that banks are held accountable for failed ATM transactions. It provides a clear framework for customers to seek compensation and encourages banks to resolve transaction failures promptly. It is important for customers to be aware of their rights and take necessary action within the specified time frame to avail the benefits of this rule.
Summary:
👉RBI has introduced a rule stating that banks must pay a penalty of Rs 100 per day if a customer’s complaint about a failed ATM transaction is not resolved within 7 days.
👉Customers must file a complaint within 30 days of the transaction failure and provide relevant details to the bank.
👉If the bank fails to refund the money within 7 days of the complaint, the customer can fill out an Annexure-5 form to initiate the penalty.
👉It is crucial for customers to file the complaint within the specified time frame to be eligible for the penalty recovery.
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