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RBI announces new guidelines for 'failed' ATM transactions

In a big boost for customers making online payments, banks will now have to resolve failed debit card transactions within five days, and UPI and wallet based transactions within one day, as per the latest RBI guidelines. Furthermore, all payment operators will have to resolve failed ATM, swipe machine and Aadhar Enabled Payments (AEPS) transactions within five days and IMPS transactions in one day. Failure to resolve complaint within the stipulated time would make these lenders liable to pay customers Rs100 for every delayed day. A failed transaction is when an account gets debited but the payment is not registered.

Read More at The Economic Times News date : 21 Sep 2019, Saturday

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