I wrote before on Tech Bangalore about transaction errors at ATM. Once I got a transaction failure error when withdrawing money from ATM & didn’t get any cash, but money got debited from my account!! I called customer care right away, but it took 35 days to get back the money. Lot of people faced the same problem, many got it back, many didn’t!! They all commented on my blogpost seeking help, but I was helpless myself!
Now RBI (Reserve Bank of India) has sent a circular to all banks about Reconciliation of transactions at ATMs failure. As per that, the bank which the cutomer hold his account with, must return the money back to the customer’s account within 12 working days from the date of complaint. If bank fails to do that, it has to credit customers account Rs.100 everyday after 12 days until they return the money.
So, if you end up with a transaction failure at ATMs, contact customer support imeedietly. Keep the transaction receipt for reference & also note down the reference number for the complaint you registered. Hope no worries now!!
You can access the original copy of the circular here