RBI New Guidelines News: In how much time will the bank return the money if the transaction fails
RBI New Guidelines: Often many people have this question in their mind that after how much time does the bank return the money if the transaction fails. In such a situation, if you also want to know the answer related to this question, then definitely read this guideline issued by the Reserve Bank of India (RBI)-
News, Digital Desk- September 2019, RBI issued a circular on turn around time (TAT) and customer compensation for failed bank transactions.
Under this, if a bank does not refund the debited money of a failed transaction within the stipulated time limit, it will have to pay a fine to the customers. This fine will increase for each day of delay.
RBI's TAT Harmonization Rule-
RBI (Reserve Bank of India) issued a circular on 20 September 2019, which gave instructions on turn around time (TAT) and customer compensation for failed bank transactions.
This means that if the bank does not return the customer's debited money within the stipulated time limit after an unsuccessful transaction, then it will have to pay a penalty. This penalty will increase for each day of delay, so that banks are encouraged to return their money to the customers faster.
When is the penalty amount received?
The bank pays the penalty depending on the nature of the transaction i.e. the type of transaction that has failed. The bank will pay the penalty only if there was a reason behind the failure of the transaction over which you had no control. If you know the time of reversal of your transaction, then you can contact the bank and ask for the penalty.
In what situations is a penalty imposed?
If you make a transaction at an ATM and money is deducted from your account, but cash is not withdrawn, then the bank will have to reverse it within 5 days from the day of transaction, failing which you will be charged a penalty of Rs 100 per day.
In case of card-to-card transfer failure-
If you have done a card-to-card transfer and the money is deducted from your account but does not reach the beneficiary's account, then the bank will have to reverse the debit within two days (T+1), i.e. the day of transaction and the next day, otherwise you will have to pay a penalty of Rs 100 to the bank.
If PoS, IMPS transaction fails then-
If money is deducted from your account through POS, card transaction, IMPS, or UPI and is not credited to another account, then RBI has given T+1 day to the banks to correct it. If the money is not credited even in this period, then the bank will be fined Rs 100 per day from the next day.