The Reserve Bank of India (RBI) has made it mandatory for the banks to reimburse the customers, the amount wrongfully debited on account of failed ATM transactions, within a maximum period of 12 working days from the date of receipt of the customer complaint.
The central bank noted that for any failure to re-credit the customers account within 12 working days from the date of receipt of the complaint, the bank shall pay compensation of Rs 100, per day, to the aggrieved customer.
?This compensation shall be credited to the customer?s account automatically without any claim from the customer, on the same day when the bank affords the credit for the failed ATM transaction,? the notification said.
The Reserve Bank of India also said that the issuer bank is entitled to claim such compensation paid to the customer
from the acquirer bank, if the delay is attributed to
the latter.
By the same logic the ATM network operators shall compensate the banks for any delay on their part. Banks shall extend the scope of concurrent audit to cover cases of delay in reimbursing the customers for failed ATM transactions.
?Each bank shall place a quarterly review of ATM transactions to its board of directors, indicating the quantum of penalties paid, reasons thereof and the actions taken to avoid recurrence of such instances,? the RBI said.
Of late, the RBI has been receiving number of complaints, regarding the non adherence of banks to the instructions stipulated therein.
?Further, it has come to our notice that different banks have put in place different cut-off limits for permitting cash withdrawals from or for other bank customers. These issues have been comprehensively reviewed by the RBI,? said the central bank.