The Reserve Bank today directed banks to reimburse customers for amounts wrongfully debited from their accounts in failed ATM transactions within seven days of an account holder’s complaint or else pay a Rs 100 per day compensation.
“The time limit for resolution of customer complaints by the issuing banks shall stand reduced from 12 working days to seven working days from the date of receipt of customer complaint,” the RBI said in a notification.
Failure to re-credit the amount within seven working days will require the issuing bank to pay a compensation of Rs 100 per day, it said.
Earlier, banks were required to reimburse customers for amounts wrongfully debited from their accounts in failed ATM transactions within 12 days.
Read RBI Notification: Reconciliation of failed transactions at ATMs
