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RBI asks banks to resolve disputes over failed ATM transactions faster

BS Reporter  |  Mumbai 


The Reserve Bank of India (RBI) today asked banks to resolve customer complaints related to failed ATM transactions within seven working days. The existing limit is 12 working days. The directive will come into effect from July 1.

Banks failing to comply will have to compensate the customer at Rs 100 per day till the issue is resolved. The customer will be entitled to receive this compensation for delay only if the claim is lodged with the issuing bank within 30 days of the date of the transaction.

“All disputes regarding ATM failed transactions shall be settled by the issuing bank and the acquiring bank through the ATM system provider only,” said the RBI.

The RBI said this step had been taken to bring down the instances of disputes in payment of compensation between the issuing and acquiring banks.

First Published: Sat, May 28 2011. 00:47 IST