dear friends
Members may recall the discussions in our group and consequent directions from Reserve Bank of India.
Even today, Deccan Chronicle has carried a story of a Bank at Bangalore not settling the ATM transaction claims, where the money was not received after debiting the account. Some of our members have also requested us to share the RBI guidelines. Please read the RBI guidelines in the following link and take a print out for your reference. RBI has warned the Banks that if they did not settle the claims within 12 days, the Banks would be attracting penalties from RBI.
The RBI guideline may also circulated amongst your contacts. We may not know when and who would face this problem. It is better, we keep this copy in our files. If the Banks do not follow the guidelines, you may report the matter to the Deputy Governor of Reserve Bank of India, Mumbai, with details.
Srinivasan
Prime Point
http://www.rbi.
RBI/2008-2009/ 380
DPSS No. 1424 / 02.10.02 / 2008-2009
February 11, 2009
The Chairman and Managing Director / Chief Executive Officers
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /.
District Central Co-operative Banks
Madam / Dear Sir
Reconciliation of transactions at ATMs failure-Time limit
The use of Automated Teller Machines (ATMs) for cash withdrawal has been increasing in the country. However, of late, we have been receiving a number of complaints from bank customers, regarding debit of accounts even though the ATMs have not disbursed cash for various reasons. More importantly, banks take considerable time in reimbursing the amounts involved in such failed transactions to card holders. In many cases, the time taken is as much as 50 days.
2. After examining the procedures involved in verification and resolution of such complaints, the Reserve Bank has concluded that delay of the magnitude indicated above is not justified, as it results in customers being out of funds for a long time for no fault of theirs. Moreover, this delay can discourage customers from using ATMs. Therefore, it was decided that, to start with banks shall reimburse to the customers the amount wrongfully debited within a maximum period of 12 days from the date of receipt of customer complaints. This decision was communicated to the banks vide our circular RBI/DPSS No. 711/02.10.002/
3. Banks are, therefore, once again advised to strictly adhere to the time discipline indicated in the above mentioned circular. Non-adherence to the time discipline shall attract penalties prescribed under the Payment and Settlement Systems Act 2007 (Act 51 of 2007).
4. This directive is issued under section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007).
5. Kindly acknowledge the receipt.
Yours faithfully
(G. Padmanabhan)
Chief General Manager
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