Mumbai: If payment or fund transfers from your account (online transaction) is not credited to the receiver's account on time, you need not worry. According to a new guideline issued by the Reserve Bank of India (RBI), your bank will have to pay a daily compensation of Rs 100 till the amount is refunded to your account.
The same penalty is applicable to various other payment modes like UPI, e-wallets and other platforms, as per the RBI guideline, which aims to redress customer grievances by cutting through procedures.
In case of ATMs and micro ATMs, if money has been debited from the customer's account but the amount has not been dispensed, then the bank has five days' time to refund the amount back to the customer's account. If the bank fails to do so, it will have to pay Rs 100 as compensation to the customer until the money is credited back to the customer.
