Failed ATM transaction: Bank will compensate for failed transaction, Read More details here
If your ATM transaction is unsuccessful and your bank does not reverse the money debited from your account within a specified time period, it will have to compensate you
Failed ATM exchange might be because of ATM breaking down or the ATM machine could be out of money. There is no compelling reason to stress or frenzy as the bank will credit the sum in your record inside a predefined time.
Reserve Bank of India (RBI) tweeted that If your ATM transaction is unsuccessful and your bank does not reverse the money debited from your account within a specified time period, it will have to compensate you
.@RBI Kehta Hai..
If the amount debited due to a failed transaction is not reverted to your account within a specified time, your bank would compensate you for the delay.#BeAware #BeSecure#rbikehtahai #StaySafehttps://t.co/mKPAIp5rA3 @SrBachchan pic.twitter.com/lYiM6GAUy6— RBI Says (@RBIsays) October 7, 2020
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- According to RBI, in the case of a failed ATM transaction, the banks have been mandated to re-credit the customer’s account within 5 calendar days from the date of the failed transaction.
- The card issuing bank has to pay compensation of ₹100/- per day for delay in re-crediting the customer’s amount beyond 5 calendar days from the date of the failed ATM transaction.
- The customer can approach his / her bank and take up the matter with them.
- Within 30 days of receiving reply from the bank or in case of non-receipt of a reply from the bank within 30 days, the customer can take recourse to the Banking Ombudsman.
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