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.
