Seven-day return limit on failed ATM debits

An RBI notification on Friday said the time limit for resolution of customer compl­a­ints by the issuing banks shall stand reduced from 12 working days to seven working days from the date of receipt of customer complaint.

This directive will come into effect from July 1, 2011. In the event of failure to re-credit the amount within seven working days, the issuing bank will have to pay a compensation of
Rs 100 per day, it said. Now, ba­nks are requ­ired to reimb­u­rse customers for am­o­unts wr­o­ngfully debited from their acc­o­unts in failed ATM tr­­a­nsactions within 12 worki­ng da­ys, but there is no penalty for delays. All customers are entitled to receive compensation only if a claim is lodged wi­th the issuing bank within 30 days of the date of transaction.