Banks must pay Rs100 a day penalty for delay in reimbursement for failed ATM transactions.

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..... Banks must pay Rs100 a day penalty for delay in reimbursement for failed ATM transactions.
News and Press Release
Dated:- 1-5-2012

Banks must pay Rs100 a day penalty for delay in reimbur .....

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..... sement for failed ATM transactions In the event of a failed ATM transaction and the amount being debited from a customer's account, the bank must reimburse the customer within 7 days (previously 12 d .....

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..... ays) of such a complaint. Otherwise, it is liable to pay a penalty. Hundreds of such cases happen daily, but very few people are aware about this RBI rule and most banks are happy to ignore it. Sharad .....

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..... Phadke, a Pune resident, used the RTI Act to get back his money.
News - Press release - PIB .....

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