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    May 27, 2011

    Bank Will Compensate for Non Solving ATM Transaction Failure in 7 Days

    Banks will compensate for non solving ATM transaction and recredit the account within 7 days. The compensate will be 100 Rs per day from the 7th day of receipting the complaint. RBI issued a circular about failure of ATM transactions and reduce the timings of solving the ATM transaction failure. The main points of this circular are as under.

    1- Solving the ATM transactions failure is reduced to 7 days from 12 days earlier.
    2- If bank doesn't recredit account with in 7 days from the day of receipt of complaint, bank need to compensate 100 Rs. per day after the 7th day.
    3- The customer need to lodge a complaint with in 30 days from the transaction failure day to get compensation.
    4- Number of free transactions per month from the other ATM are inclusive of both financial and non financial transaction.
    5- This rule will effect from 1 july 2011.
    Full circular of reserve bank of india is as under.
    RBI/2010/11/547
    DPSS.PD.No.2632 / 02.10.002 / 2010-2011
    May 27, 2011
    The Chairman and Managing Director / Chief Executive Officers
    All Scheduled Commercial Banks including RRBs /
    Urban Co-operative Banks / State Co-operative Banks /
    District Central Co-operative Banks
    Madam / Dear Sir
    Reconciliation of failed transactions at ATMs
    Please refer to our letter DPSS No. 711 / 02.10.02 / 2008-20091424 / 02.10.02 / 2008-2009 and 101 / 02.10.02 / 2009-2010dated October 23, 2008, February 11, 2009 and July 17, 2009 respectively on the captioned subject.
    2. Reserve Bank has been continuously monitoring the implementation of various directions by the banks. Based on a review of the developments and with a view to further improve the efficiency of operations, it has been decided as under :-
    1. The time limit for resolution of customer complaints by the issuing banks shall stand reduced from 12 working days to 7 working days from the date of receipt of customer complaint. Accordingly, failure to recredit the customer’s account within 7 working days of receipt of the complaint shall entail payment of compensation to the customer @ Rs. 100/- per day by the issuing bank.
    2. Any customer is entitled to receive such compensation for delay, only if a claim is lodged with the issuing bank within 30 days of the date of the transaction.
    3. The number of free transactions permitted per month at other bank ATMs to Savings Bank account holders shall beinclusive of all types of transactions, financial or non-financial.
    4. All disputes regarding ATM failed transactions shall be settled by the issuing bank and the acquiring bank through the ATM system provider only. No bilateral settlement arrangement outside the dispute resolution mechanism available with the system provider is permissible. This measure is intended to bring down the instances of disputes in payment of compensation between the issuing and acquiring banks.
    3. The directive is issued under section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007).Non-adherence to the provisions of this circular shall attract penalty as prescribed under the Payment and Settlement Systems Act 2007 (Act 51 of 2007).
    4. This directive shall come into effect from July 01, 2011
    5. Banks may widely publicise  these changes at all ATM locations and by individual intimation to customers.
    6. Please acknowledge receipt.
    Yours faithfully
    G Padmanabhan
    Chief General Manager

    Tags-atm transaction failure,how to complaint of atm transaction,how to complaint of atm transaction failure,atm transaction failure compensate,rbi circular about atm trasaction

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