RBI asked banks to resolve ATM complaints in 7 days

Posted By: Staff
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RBI asked banks to resolve ATM complaints in 7 days
The Reserve Bank of India, Country's Central bank, disclosed new guidelines that aims to resolve the dispute faced by millions of ATM holders to withdraw cash.

RBI has asked banks to resolve customers' complaints regarding ATM transactions through ATM service provider to 7 working days from 12 working days and also said that if banks fail to resolve complaints within 7 working days they will have to pay customers 100 per day as compensation.

These new guideline will be effective from July 1, 2011. With respect to ATM holders RBI said they need to file a complaint to respective bank within 30 days of transaction, in order to obtain such a reimbursement for delay in resolving it.

Also, the central bank has clarified that the number of free transactions permitted per month at other bank ATMs to the savings bank account holder will be inclusive of all types of transactions - financial or non-financial.

Read more about: rbi, atm, personal finance, banks
Story first published: Monday, May 30, 2011, 9:30 [IST]
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