BANKING AFFAIRS

Detailed explanation-1: -Ans. Yes, the card issuing bank has to pay compensation of Rs. 100/-per day for delay in re-crediting the customer’s amount beyond 5 calendar days from the date of the failed ATM transaction. The compensation has to be credited to the account of the customer without any claim being made by the customer. 22.

Detailed explanation-2: -If, despite all these steps, your complaint remains unresolved, you should take up the matter with the RBI or the banking ombudsman. Such complaints may be submitted in writing either via post or online. However, you have to wait for 30 days from the date of complaint registration before taking this step.

Detailed explanation-3: -However, have you ever wondered what would happen if an ATM transaction went wrong or failed and your account was debited? According to the Reserve Bank of India (RBI), in such case, the banks are required to reverse the transactions on their own.

Detailed explanation-4: -Your first step should be to call the bank’s 24-hour customer service helpline. After making a note of your issue and recording your transaction reference number, the executive will register your complaint and will issue you a complaint tracking number. The matter is then investigated.

Detailed explanation-5: -Definition: ATM Transaction Reconciliation is a process that checks all the transactions done for a certain period for a particular bank’s ATM and identifies discrepancies like shortage or excess of cash in the ATM Machine.