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

Banks must pay Rs100 a day penalty for delay in reimbursement 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 days) 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 Phadke, a Pune resident, used the RTI Act to get back his money.