Fed up of transaction failures? Now no more! Banks to pay Rs 100 fine for not addressing customer's transaction issue

Mumbai, September 21: Viewing to aid the customers who frequently face transaction failures, the Reserve Bank of India on Saturday brought out a new notification giving a time frame to banks to address the transaction failures. With this the banks will be ordered to pay a fine of Rs 100 per day to customers for not addressing their transaction issue.

 

 

"After consultation with various stakeholders, the framework for TAT for failed transactions and compensation therefor has been finalised which will result in customer confidence and bring in uniformity in the processing of the failed transactions", the RBI notification stated.

 

Many time, during payments or fund transfers, the amount gets debited from the user but doesn't get credited to the receiver's account. And in some cases, it takes a long time to get credited to the account. Now, as per the latest guidelines from the RBI, if money does not get credited within the stipulated time frame, a penalty of Rs 100 per day will be paid by the bank to the customers.

 

The move from the RBI will help customers of various payment systems.The RBI in the notification also said that the newly announced guideline will not only build customer's confidence but will also bring uniformity in the process of addressing the failed transactions. The guidelines of the RBI are not only applicable to e-wallets or digital transactions but also applicable to ATM transactions and IMPS transfers. It is also applicable to Unified Payments Interface (UPI) transfers.