ATM Transaction Failed | Did the transaction fail at the ATM? Did the money in the account not come out of the machine even though it was cut? Keep in mind what the RBI is saying.
Having a technical problem while withdrawing money at ATMs? Can’t withdraw money due to ATM technical problem even if the money is deducted from the account? But there is no need to worry now. The concerned bank will pay the amount to the customer within a specified period. If the bank is unable to pay the money within the given time … the customer will be compensated with an additional amount for the delay. The RBI itself made the announcement on Twitter. The RBI tweeted that the banks would revert the money to the customer in case of a failed transaction and if the payment could not be made within the stipulated time, the banks themselves would compensate the customer for the delay.
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If the transaction fails, the banks will pay the money within a specified period. The Reserve Bank clarified that it is advisable for the card issuing bank or ATM owner to lodge a complaint in this regard. According to the RBI, banks must credit the money back to the customer’s account within 5 calendar days from the date of the failure of the transaction.
Delay in payment to customer within 5 calendar days will result in payment of compensation at the rate of Rs. The customer can contact his bank for more details on this matter. The customer can seek the help of the Bank Ombudsman if there is no reply from the bank within 30 days or 30 days from the reply from the bank.
