Banks must pay Rs100 a day penalty for delay in reimbursement for failed ATM transactions.

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....anks must pay Rs100 a day penalty for delay in reimbursement for failed ATM transactions. <br>News and Press Release<br>Dated:- 1-5-2012<br><BR>Banks must pay Rs100 a day penalty for delay in reimburs....

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....ement for failed ATM transactions In the event of a failed ATM transaction and the amount being debited from a customer's account, the bank must reimburse the customer within 7 days (previously 12 da....

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....ys) of such a complaint. Otherwise, it is liable to pay a penalty. Hundreds of such cases happen daily, but very few people are aware about this RBI rule and most banks are happy to ignore it. Sharad ....

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....Phadke, a Pune resident, used the RTI Act to get back his money.<BR> News - Press release - PIB....