0 0
If the money did not come out of the ATM and was deducted from the account, how to get the refund, know – News in Headlines
Business

If the money did not come out of the ATM and was deducted from the account, how to get the refund, know

Read Time:1 Minute, 12 Second

Many times the transaction fails due to lack of money in the ATM or due to a malfunction in the ATM. There is no need to worry or panic, because the bank will deposit the amount in your account within a specified time. According to a public awareness initiative of the Reserve Bank of India (RBI), ‘If your ATM transaction is unsuccessful and your bank does not reverse the money debited from your account within a specified time period, you will get the compensation .

Key things to know about transaction failure:

1) RBI has said that banks should reverse such transactions on their own.

2) The central bank said that customers should file a complaint at the bank or ATM as soon as possible if the transaction is unsuccessful.

3) According to RBI, in case of a failed ATM transaction, banks will have to credit the money to the customer’s account within 5 calendar days from the date of the failed transaction.

4) The card issuing bank has to pay the customer 100 rupees per day if it is more than 5 calendar days from the date of the failed ATM transaction.

5) The customer can approach their bank in this matter and take up the matter with them.

6) Customer can take the matter to the Banking Ombudsman within 30 days of receipt of reply from the bank or in case of non-reply from the bank within 30 days.

Happy
0 0 %
Sad
0 0 %
Excited
0 0 %
Sleepy
0 0 %
Angry
0 0 %
Surprise
0 0 %
Divya Sharma

Editor in Chief with Newsinheadlines, Author, Cover Story around Business and Entrepreneurship.

Recent Posts

How to Become a Successful Immunologist?

If you are planning to become a medical professional, you can have countless specializations to…

6 days ago

Abhishek Sharma Equals Record Of Fastest T20 Century By An Indian Batter

Star opening batsman Abhishek Sharma on Thursday (December 5) equaled the record of the fastest…

3 weeks ago

Essar Group Receives Awards for Sustainable Power Generation and Environmental Best Practices

Gone are the days when businesses prioritised higher revenues and growth without considering their environmental…

3 weeks ago

Simone Biles Husband Net worth 2024 | All about Jonathan Owens

Who is Simone Biles' husband ? Simone Biles Husband Net worth 2024: Jonathan Owens was…

3 weeks ago

Make in India Certificate_Is It Mandatory to Get it from CA

The Make in India initiative, launched by the Government of India, aims to promote domestic…

3 weeks ago

Martyn Ford Net Worth : Wife, Career, Age

Martyn Ford Net Worth: British actor, fitness enthusiast, and bodybuilder Martin Ford is quite famous…

3 weeks ago