Bank to pay you Rs 100 per day penalty for delay in transaction beyond these limits | Do you know how many days your bank has to debit for failed transactions from your account and can get compensation amount for delays beyond these deadlines?
The Reserve Bank of India (RBI) has issued a circular on September 20, 2019 on turnaround time (TAT) reconciliation and customer compensation in case of failed transactions.
This means that if the bank does not return the debited funds from your bank account due to a failed transaction within a specified time period, they will have to pay a fine to the customer. There is a penalty on a per day basis for delay in credit of money in the customer’s account. Bank to pay you Rs 100 per day penalty
As per the rules, if the debit of the failed financial transfer from your account is reversed, your bank will have to pay a fine to you. Therefore, apart from allowing time to reverse, allowing you to receive compensation for various types of transactions such as failed cash withdrawals from ATMs, failed e-commerce payments, etc. is important.