RBI rule for failed ATM transactions

Today most of us have atleast one bank account and an ATM card with it. ATM (Automated Teller Machines) has made our life a lot easier than it was before. Now there’s no need to stand in long queues, at your bank to withdraw cash, as it can be done easily with ATM machine.

Just visit any ATM machine in your vicinity pop in your card and withdraw required cash. But occasionally it does happen that you receive no cash from the machine, yet the amount is debited from your account.

In that case banks are required to reimburse to the customers, the amount wrongfully debited on account of failed ATM transactions within a maximum period of 12 days, from the date of receipt of customer complaint. Otherwise, the bank is liable to pay a penalty.

For any failure to re-credit the customer’s 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.

Hundreds of such cases happen daily, but very few people are aware about this RBI rule and most banks happily ignore it. Next time if you face this situation, don’t let the bank get away without paying it dues.