RBI’s new rules comes as Big News for ATM user

RBI’s new rules comes as Big News for ATM user

Undoubtedly, the trend of digital payment has escalated rapidly, but now when cash transaction is required for various purposes, people do the transaction through ATM.

While ATM is very convenient, sometimes it also puts one in trouble. Many times, while withdrawing money from ATM, cash does not come out, but money gets deducted from the account. If something like this ever happens, there is no need to worry.

RBI has made this rule
Even after entering all the details correctly in the ATM, if your cash is not withdrawn and the balance gets deducted from the account, then it may be due to some technical fault in the ATM.
Many times, cash gets stuck in the ATM machine due to which it is not available to the customer, but gets disconnected from the bank.

To return this money, the Reserve Bank of India has set a time limit of 5 days + the day of transaction for the bank.
As per rules, all banks will have to return the deducted money to the customer’s account within the stipulated period.
If this does not happen then the bank will pay a fine of Rs 100 to the customer every day.

According to the rules of the Reserve Bank, if this happens to you, then first of all you should go to the nearest branch of your bank and tell about it. If you wish, you can also inform the bank about this by calling customer care. After this your complaint will be registered and the bank will investigate the matter.

If complaint is found true then the money is returned to one’s account within 5 to 6 days. But in the meantime, you should keep your ATM slip and the message received on your mobile safely. It can be used as proof of ATM transaction.
If the money is not returned to your account within 30 days of complaining to the bank, then you can complain about this matter to the senior officer of the Grievance Redressal Department.

News Edit K.V.Raman