Transaction failed and money got deducted रिफंड नहीं मिला तो बैंक से मिलेंगे रोजाना 100 रुपए
Rule of RBI on Failed transaction:
If you try to withdraw money from Paytm, and although the transaction is successful and the amount is deducted from your account, there’s no need to panic anymore. What could happen is, sometimes the money is sent, but the recipient is unable to receive it. In such cases, what should you do and what provisions are available for you? Today, we’ll explain all of this through this article.
When any money transaction is successful, banks offer a refund within a limited time period. However, if this doesn’t happen, the bank offers a daily penalty of ₹100 to all citizens, according to the time elapsed. If you are aware of this rule, you can easily claim a refund, and in some cases, even get more than the money that got stuck.
RBI’s New Rules
In 2019, the RBI introduced a circular outlining important proposals regarding turnaround time and compensating customers. According to this rule, if a transaction is successfully processed by a bank, the deducted amount should be reversed within a limited time period. If the bank fails to do so, the customer will be entitled to a penalty of ₹100 per day as compensation, provided by the bank. This initiative aims to protect consumer rights and ensure timely resolution of any transaction issues.
Important Warning:
In the realm of transactions, banks are obligated to offer a penalty based on the transaction duration or any successful outcome. However, a bank can only apply the penalty if there is no valid reason for the transaction failure that can be attributed to you. If the reason for the transaction failure is found to be under your control or due to some error on your part, the bank is not required to offer you a refund. In such cases, you will not receive the penalty or compensation. Therefore, it’s essential to ensure that the failure of the transaction is not due to any issue on your side, or else the refund process may be halted.
In What Situation Will You Get a Refund?
Here’s the situation: If you make a transaction at an ATM, and the money is deducted from your account but you don’t receive the cash, the bank is obligated to refund the full amount within the next five days. If, after five days, you still haven’t received your money, the bank will offer a daily penalty of ₹100 for the delay. This penalty continues to be offered until the issue is resolved and the refund is processed. This rule ensures that consumers are compensated for any delays or issues caused by the bank’s system failure, making sure you don’t lose out on your money due to a technical glitch.
With KTM Debit/Credit Cards:
If you make a payment using your debit or credit card, and the amount gets deducted from your account but the recipient doesn’t receive the money, the bank gives you approximately two days to resolve the issue. If the bank fails to credit the amount back to your account within this time, they will offer a penalty of up to ₹100 per day as compensation.
Disclaimer: The advice included in this content is intended for general informational purposes only and is not a substitute for professional advice. Always consult with an expert for more detailed information or personalized situations. This channel does not take responsibility for the accuracy or outcomes of this information.
