Failed ATM transaction:SBI to pay fine for refund delay

For failed ATM transaction SBI have to credit money back to account holder within 7 days. According to RBI norms,in any ATM, if money not received (failed transaction),money debited from the account,that bank have to take responsibility to refund money along with fine.

Yesterday,The State Bank of India  (SBI) has been directed by a consumer forum here to pay Rs 34,000 to a customer for violating RBI norms by refunding after 189 days an amount which was erroneously debited from his account after an unsuccessful ATM transaction.The forum also asked the ministry of finance department of India and the RBI to evolve a mechanism to protect interests of customers in such cases where ATM transactions are unsuccessful but the amount is debited from their account.

For ATM fraud( Failed ATM transaction ), RBI issued directions for customers as well as banks.For refund delay banks have to pay 100 rupees fine per day.If your ATM transaction failed ?, than immediately deal with a Failed ATM Transaction in India by following instructions listed below.

1.Make a note of transaction details

2.Don’t delay,immediately complaint in writing.

or

3.Contact to Consumer support forum

If bank does not accept or believe,than use RTI act to know the transaction details.This is the final chance to get back your money.

Normally, all banks translations receipts are thermal prints, which cause fade after couple of weeks, so it’s got to scan or take xerox to show evidence in future,in case of case will delay.

Many peoples across India, facing this ATM failed transaction problem, due o lack of knowledge many account holders leaving without complaint,it’s really not good.

On other hand, SBI launched Xpress money card remittance for transferring money easily.