The Reserve Bank of India has issued a notification on 27th May, 2011 in which it has issued certain directions to the banks in respect of failed transactions at ATMs. As per the notification, the time limit for resolution of customer complaints is reduced from 12 working days to 7 working days from the date of receipt of customer complaint. If the banks failed to re-credit the customers accounts within 7 working days from the date of complaint, the Bank shall be liable to pay Rs. 100/- per day to the customer as compensation. The customer is entitled to the compensation only if claim is lodged with the issuing bank within 30 days of the transaction.
Earlier the number of free transactions in other ATMs includes only financial transactions. However now, RBI directed that free transactions at other ATM shall include all types of transaction i.e. both Financial as well as non-financial transactions.
These directions shall come into force w.e.f. July 01, 2011
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