RBI came up with new guidelines saying that bank customers who face difficulty when ATM transactions go wrong, such transaction should be settle by banks within 7 days before it was 12 days.
In case banks fail to settle the transaction within the prescribed time set by the Regulator then the customer will get 100 rupees per day till the complaint is solved for the same the customer should lodge the complaint with his/her bank within 30 days of such transaction.
RBI also said that in order to decreases the cases where the compensation to the customer is held up because of disputes between the parties involved in a transaction, the central bank said all such disputes should be settled by the issuing bank and the acquiring bank through the ATM system provider only.
A very good move by RBI as customers comes first and with this move more smooth and accurate work will take place.
Stevenson
Summer Intern-Fundamental Analysis
Denip Consultants Private Limited.
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