Insta
RBI Gets Strict On Failed Transaction Complaints; Firms Up Rules For Banks, Increases Penalties
RBI Governor, Shaktikanta Das. (Representative Image)
The Reserve Bank of India on Friday (20 September) tightened its norms and advised the banks to set a turnaround time (TAT) for the settlement of failed customer transactions, reported Livemint.
It also notified the banks of compensations payable for various types of custormer complaints. The banks will now have to make the financial compensations suo motu, without waiting for a complaint or a claim by a customer.
The new guidelines will be applicable in eight different avenues of transaction including ATMs, card transactions, immediate payment system, unified payment interface, and prepaid cards.
It also made a provision for the customers to register a complain to the banking ombudsman in case they do not get the benefit of redress of the failure as defined in the TAT.
The decision is expected to uplift customer confidence and to have an uniformity in in processing of the failed transactions, the RBI said.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
