CURRENT AFFAIRS

Detailed explanation-1: -Pro-active reversal (R) of failed transaction within a maximum of T + 5 days. ₹ 100/- per day of delay beyond T + 5 days, to the credit of the account holder.

Detailed explanation-2: -The transaction failed but the amount got deducted from the bank account. Banks usually take up to 3 business days to add money back to your account. Please wait for your bank to complete the reversal. Refer to the bank account statement to verify if your transaction has been reversed.

Detailed explanation-3: -In the case of a failed ATM transaction, the banks have been mandated to re-credit the customer’s account within a maximum of T+5 calendar days (where ‘T’ is the day of transaction).

Detailed explanation-4: -Remitter/Acquirer: In case of non-fulfilment of UPI Merchant transactions, acquiring bank should raise returns/ credit adjustments within 4 calendar days from the transaction date, otherwise compensation shall be debited from acquiring bank and credit the same to issuing bank.

Detailed explanation-5: -Ans: A timeline of two hours from the batch settlement can be expected, within which beneficiary’s account should be credited.