If money is being deducted from your account even after your transaction has failed, then complain about it to the bank of which you are a customer. You can complain about this by calling the customer care of the bank.
new Delhi. It often happens with people that cash does not come out of the ATM and money gets deducted from the account. Sometimes the transaction fails due to network or some other reason. Often money is deducted from the account when the transaction fails. If this has happened to you too then there is no need to worry. If money is being deducted from your account even after your transaction has failed, then complain about it to the bank of which you are a customer. You can complain about this by calling the customer care of the bank.
Sometimes money gets stuck in ATMs as well. If your money is stuck in ATM, then banks refund this money within 12 to 15 days.
Provision for compensation
In case the bank does not refund the amount debited from your account within the stipulated time, there is a provision for compensation. According to RBI rules, the bank has to resolve the complaint within 5 days. If the bank does not settle within this period, then after that compensation has to be paid at the rate of Rs. 100 per day. If you are still not satisfied, you can lodge a complaint at https://cms.rbi.org.in.
The amount of compensation is fixed.
These rules of RBI are also applicable to all authorized payment systems such as card to card fund transfer, PoS transactions, IMPS transactions, UPI transactions, cardless e-commerce and mobile app transactions. While the compensation amount is fixed, the settlement period from the bank side is also short in many cases. In case of card to card transfer or IMPS, the complaint has to be settled by the next day.
Keep these things in mind
It should be kept in mind that whenever the transaction is not completed in the ATM, then in that case the notification of withdrawal should be checked immediately. Along with this, information about the bank account balance should also be obtained immediately that the money has not been deducted from the account. If the money is deducted, then you can wait for five days, if the deducted amount is still not coming, then in such a situation, you can contact the bank complaining about the failure of the transaction.
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