Often the transaction fails while sending money online but the money gets debited from the account. In that situation, we get tense and why not even come, after all it is our hard earned money. Often people will find you advising that your money refund will come.
But if the refund is not received from the bank within the stipulated time, will the bank pay you a penalty. Do you know that if the bank does not refund on time, then a penalty of Rs 100 per day is imposed on it. Today we are going to tell you about some such rules of RBI.
TAT Harmonization Rules of RBI
In the year 2019, the Reserve Bank of India (RBI) had issued a circular, in which instructions were issued to give equal compensation to customers for TAT i.e. Turn Around Time.
Simply put, if the bank does not refund the debited money within the stipulated time in case of a failed transaction, then the bank will have to pay you a fine. Not only this, according to this rule of RBI, the penalty will increase according to the number of days the bank does in giving late refund.
Penalty Will Be Given Only In This Situation
Let us tell you that your bank will give you penalty only if there is a reason behind the failure of the transaction which was not under your control.
How Long Is The Limit?
Money was deducted after transaction in ATM but money did not come out from ATM, then in this situation, the bank will have to refund the deducted money within 5 days.
In case of card to card transfer, if money is deducted from the account but not credited to the beneficiary’s account, then in this case the bank has to refund the amount to the bank within a total of 2 working days including T+1 i.e. the transaction day and the next day.
