Bank Will Pay For ATM Glitches

Bank will pay for ATM glitches
If your Money gets stuck in the ATM while withdrawing:
Good news for ATM users: The Reserve Bank of India (RBI) has directed the banks to pay up’ for the delay for not reimbursing the amount debited from their accounts due to failed ATM transactions. Earlier the RBI had asked banks to reimburse the customers for wrongful debit of funds due to failed ATM transactions within 12 days. The central bank has now directed the banks pay a compensation for Rs 100 a day, if the banks fail to meet the deadline. The period is counted from the date of receipt of complaint from the customer.
The RBI has further observed, that a number of complaints have been received regarding non-adherence to the instructions on the 12-day norm by the banks. It has also been noticed that different banks have put in place different cut-off limits for permitting cash withdrawals for other bank’s customers and the issue has been discussed comprehensively, said the apex bank.
Moreover the compensation of Rs 100 a day will have to be credited automatically without any claim on the same day when the bank affords’ to credit customer for money lost due to a failed ATM transaction, it adds. It has been stressed that the directive is issued under the provisions of Payment and Settlement Systems Act 2007, and any non-adherence shall attract a penalty as prescribed in the Act.
In case the money is lost due to a failed transaction from a bank other than which the customer has an account, then the issuer bank is entitled to claim such compensation paid to the customer, from the acquirer bank. The issuer bank is the bank through whose ATM the money is withdrawn.
Source: Times Of India
See Also: ATM Charges India

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