Now get Rs 100 as compensation for failed ATM transactions

New Delhi: It must have happened to you that you went wanted to withdraw money from your ATM but the machine didn’t dispense cash. However, money from your account was deducted.
In such cases, not only will your money be returned to your account, you could also be entitled to compensation.

• As per the RBI instructions banks have been mandated to resolve customer complaints by re-crediting the customer’s account within 7 working days from the date of complaint.
• Effective from July 1, 2011, banks have to pay compensation of Rs 100 per day for delays in re-crediting the amount beyond 7 working days from the date of receipt of complaint for failed ATM transactions.
• The compensation has to be credited to the account of the customer without any claim being made by the customer.
• If the complaint is not lodged within 30 days of transaction, the customer is not entitled for any compensation for delay in resolving his / her complaint.
• The customer can take recourse to the Banking Ombudsman, if the grievance is not redressed by the his/her card issuing bank.
• The Grievance Redressal Mechanism available to users of WLA is same as that available to users of banks’ ATMs for failed/disputed transactions.
• While the primary responsibility to redress grievances of customers relating to failed transactions at such WLAs will vest with the card issuing bank, the sponsor bank will provide necessary support in this regard, ensuring that White Label ATM Operator (WLAO) makes available relevant records and information to the Issuing bank.