Do not worry next time when you get Failed Transactions. If card to card transaction is failed, banks are liable to pay Rs,100/day of delay in reversal beyond T+1 day. Similarly if the transaction has been done through POS, you will be compensated at Rs.100/day of delay beyond T+5 days.
“It has been witnessed that a large number of customer complaints originate on account of unsuccessful or ‘failed’ transactions. Wherever financial compensation is involved, the same should be effected to the customer’s account suo moto, without waiting for a complaint or claim from the customer.
Customers who do not get the benefit of redress of the failure as defined in the turnaround time (TAT), can register a complaint to the Banking Ombudsman of RBI,” the central bank said in a notification. Please find below compiled list of all above information given by RBI in simpler form.
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