Refund of Wrong Debits in ATM

At some point of time or other, most of us would have had a bad experience at the ATM when the amount we key-in does not come but is debited from the A/c.

In most cases, the reversal happens in the next few days and we anxiously wait for the reversal after following up with the Bank. Sometimes the reversal never seems to materialise.
In a situation where a large amount is debited from the a/c and you are not left with much money to withdraw makes you feel very angry.

Now, RBI has come to rescue of the Customers. RBI has directed banks to ensure that the Refund is done WITHIN 12DAYS from the date of receipt of Customer Complaint.

As of now, RBI has not issued any direction with regards to compensation of interest or penalty in case of delayed reimbursement of the amount, but hopefully the regulator will formulate more stringent customer service norms in the days to come.

Some suggestions for the Norms:
a. Reimbursement must be done within 4 days from the date of WRONG DEBIT in case of own ATM.
b. Reimbursement must be done within 7 days from the date of WRONG DEBIT in case of third-party ATM.
c. Reimbursement must be done with value date as the date of wrong debit to ensure that customer does not loose interest.
d. Penalty @ Rs.50/- per day must be paid on exceeding the max. time frame for reimbursement. This penalty must increase incase of prolonged delay.

See RBI’s Directive in this link and reminder in this link