Online FAILED transactions to be refunded within 5DAYS :RBI

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Deal Subedar
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Online FAILED transactions to be refunded within 5DAYS :RBI
Deal Expired

https://m.economictimes.com/industry/banking/fi...
Failed transactions reported irrespective of the error needs to be reversed from 5days of transactions+complaints or else should pay 100 Rs to the payee
Same would be the case for all debit card, POS swipe, ATM, AEPS,UPI, wallet
While IMPS failed transaction should be returned within 1 day

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https://m.rbi.org.in/Scripts/BS_CircularIndexDisplay.aspx?Id=11693

as per latest rules and the ↗RBI circulars↖

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from October 15ᵗʰ 2019, the onus to resolve the customer grievance in a timely manner WITHOUT THEM HAVING TO lodge a formal complaint has been put on banks and other participants (UPI, wallets).
only DOMESTIC TRANSACTIONS shall be eligible of daily compensation of INR 100 for each day over and above the stipulated turnaround time.

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TaT as under⤵

➲ T+5 failed ATM transactios

➲ T+5 UPI payments to merchants

➲ T+5 Aadhar pay/ Aadhaar enabled payment systems

➲ T+5 PoS (card swipe) machines (or failed due to “card not present”) 

➲ T+1 IMPS

➲ T+1 UPI transactions to beneficiary account

➲ T+1 prepaid payment instruments (PPIs)

➲ T+1 ABPS (Aadhaar Payment Bridge System)

➲ T+1 NACH transfers

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irrespective of method, delay beyond the stipulated turnaround time entities the aggrieved customer a compensation of INR 100, per day.





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Deal Subedar
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Its good if they follow it.
Last month only bank of baroda took 26 days to refund my money for failed transaction on payzapp.
I waited for 15 days then i contacted my bank and customer care told to contact the branch.
Only positive was that when i contacted branch manager on phone he filed my complaint through email and i didnt had to visit the branch.

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Deal Cadet
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How to make complaint if the stipulated time exceeds, please help..??

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Deal Cadet
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Can we have any bookmarking option update in DD so that we can bookmark useful info like this @admin @Nigel

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Deal Lieutenant
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Well Axis bank and my airtel never refunded me 657 rs for failed transaction on 16 jan 2019 .. I lodged complaint in Axis bank branch with refund refernce number still no refund and issue closed without solution.. again filed refund in a diff branch as am in diff city now from home branch and still nothing

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Deal Subedar
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siddudeagarwal wrote:

Well Axis bank and my airtel never refunded me 657 rs for failed transaction on 16 jan 2019 .. I lodged complaint in Axis bank branch with refund refernce number still no refund and issue closed without solution.. again filed refund in a diff branch as am in diff city now from home branch and still nothing

You should have contacted banking ombudsman after 30 days of complaint to bank

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Deal Lieutenant
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SudhirG wrote:

You should have contacted banking ombudsman after 30 days of complaint to bank

now can i still complain ?

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Entertainer
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That’s a very good move. Should do same for upi fail, pending txn

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Deal Subedar
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siddudeagarwal wrote:

now can i still complain ?

Dont know but try complaining they might help you

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