New Delhi: The Reserve Bank of India (RBI) on Friday brought out a new notification which will help customers who are facing transaction failures. The RBI in its new notification has given a time-frame to banks to address the transaction failures, otherwise, the banks will have to pay a fine of Rs100 per day to customers for not addressing their transaction issue.
“After consultation with various stakeholders, the framework for TAT for failed transactions and compensation therefor has been finalised which will result in customer confidence and bring in uniformity in the processing of the failed transactions,” the RBI notification stated
Many time, during payments or fund transfers, the amount gets debited from the user but doesn’t get credited to the receiver’s account. And in some cases, it takes a long time to get credited to the account.
Now, as per the latest guidelines from the RBI, if the money is not get credited within the stipulated time frame, a penalty of Rs 100 per day will be paid by the bank to the customers. The move from the RBI will help customers of various payment systems.
The RBI in the notification said the newly announced guideline will not only build customer’s confidence but will also bring uniformity in the process of addressing the failed transactions.
The guidelines of the RBI are not only applicable to e-wallets or digital transactions but also applicable to ATM transactions and IMPS transfers. It is also applicable to Unified Payments Interface (UPI) transfers.