Several times while doing a bank transaction, users find that the amount is debited from their account, but is not credited to the receiver’s account. Now, banks have to pay Rs 100 daily if the money is not credited within the stipulated time frame. To this effect, the Reserve Bank of India (RBI) has announced a customer complaint redressal time frame and compensation guideline for authorised payment systems. Users of various payment systems including UPI, e-wallets, among others, will be benefited from this new RBI guidelines.
The newly-announced guidelines for the online transactions will build customer confidence, the apex bank said. This will bring uniformity in processing failed transactions, where the customer is not at fault, it said. The guideline will also applicable to ATM transactions, and IMPS transfers. If the money is debited from the customer’s account, but cash is not dispensed from the user’s account during an ATM transaction then the bank has to to reverse the amount within five days to the customer’s account. If the bank fail to do so then it has to pay a penalty of Rs 100 per day to the customer.
In case of IMPS transactions, the bank has to auto-reverse the amount to the customer by the next day if transaction fails but the amount is debited. The bank has to pay Rs 100 per day if it fails to reverse within the stipulated time.
The same is applicable for Unified Payments Interface (UPI) transfers, and the bank gets five days to resolve the issue. With these guidelines in place, it is expected that the bank customers will get relief from pending transactions.