Issues with Refund? Know how to File Complaint

Has it ever happened to you the transaction online has crashed? But hasn’t your money returned? If so, fear doesn’t need to be. Not only you are having this problem. Such complaints arrive daily at banks. That’s why we’re telling you the rules surrounding this today …

In these situations, the bank would have to immediately refund the withdrawn money from the account. If the money does not come to the customer’s account within seven days of the complaint being filed, then the bank issuing the card has to pay the Rs 100 daily compensation. Similar RBI rules apply in the event of failed transactions as from 20 September 2019.

These laws are applicable to both banks and NBFCs according to the money control reports. These rules also apply in case of a communication link failure, no cash in ATM, session time-out. RBI rules concerning the failure of card transactions in ATMs are very simple. Those also occur in the case of transaction failures in other banks’ ATMs.

  1. If you have used the card in the ATM of your bank or the ATM of another bank, if the cash is not withdrawn from the account, then the bank issuing the card will lodge a report with the bank issuing the card immediately.
  2. According to the law, banks must show on the ATM box the name and telephone number / toll-free number/health desk number of the officer concerned.
  3. If the transaction fails but the money is deducted from the account, then within seven days the card-issuing banks will have to credit the money back. These days are counted as from the date the complaint is filed.
  4. If the banks can’t fix the problem in seven days, then the rule is that they will have to pay a Rs 100 penalty daily for the delay. They must unconditionally deposit the amount of damages into the customer’s account. Then whether or not the customer’s claimed it. The consumer would only be entitled to compensation, however, if he has protested within 30 days of the failed transaction.
  5. If the dispute is not settled in time, the client can complain to the Banking Ombudsman within 30 days of receiving a reply from the bank. He can knock the Ombudsman’s door, even if he is not satisfied with the answer from the bank or the bank is not responding to him.

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