"ATM"
An automated teller machine (ATM), also known as automatic banking machine (ABM), Cash Machine, All time money or Cash-point, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip, which contains a unique card number and some security information such as an expiration date or CVVC (CVV). Authentication is provided by the customer entering a personal identification number (PIN).
Now a days “ATM” has become a very useful affair to all ages. The day youth becomes major by law i.e. on completion of 18 years, he thinks of “ATM” Card.
These ATM machines are used to withdraw cash in need with the help of Credit Cards, Visa Cards, Master Cards and many more. Some time your transaction fails! What is this? Your account is debited but no money comes out. This is what the ‘failed transaction’ means. Then you run to your banker or their complaint center and go through all sort of chasing to get your money back. After all your efforts finally you get your money say after 30 to 45 days? Yes, this was and still with some banks is the true fact. RBI (Reserve Bank of India) got many complaints like this and finally they issued a directive to all banks in India about the time limit in which Banks should complete this process.
How many of us know about such rule? I say very little. I have found that even the staff working in the Bank is not aware of such rule and say I did not know this but now I shall remember this as last time my account was settled after around 40 days. You should not shock for this news as you have gone through this many times may be.
Now you have some relief from RBI. It is now mandated to all banks some orders for your help and these are this orders:
It is mandatory for the banks to reimburse the customers; the amount wrongfully debited on account of failed ATM transactions, within a maximum period of 12 working days from the date of receipt of the customer complaint.
For any failure to re-credit the customers account within 12 working days from the date of receipt of the complaint, the bank shall pay compensation of Rs.100/-, per day, to the aggrieved customer. This compensation shall be credited to the customer’s account automatically without any claim from the customer, on the same day when the bank affords the credit for the failed ATM transaction.
The issuer bank is entitled to claim such compensation paid to the customer from the acquirer bank, if the delay is attributed to the latter. By the same logic the ATM network operators shall compensate the banks for any delay on their part.
How do you find this?
Now, if you don’t get your money back in this time demand your banker that “As per RBI directive I am entitle to get Rs.100/- per day where it is?
RBI – Directive Ref: DPSS No.101 /02.10.02/2009-2010
Dated: July 17, 2009
This is your “Right” and so insists on it. Kindly note you should not ask this as ‘beggar’ but make a “Demand” It should be remembered no bank in India is an exception to this and hence use your right firmly.
Now a days “ATM” has become a very useful affair to all ages. The day youth becomes major by law i.e. on completion of 18 years, he thinks of “ATM” Card.
These ATM machines are used to withdraw cash in need with the help of Credit Cards, Visa Cards, Master Cards and many more. Some time your transaction fails! What is this? Your account is debited but no money comes out. This is what the ‘failed transaction’ means. Then you run to your banker or their complaint center and go through all sort of chasing to get your money back. After all your efforts finally you get your money say after 30 to 45 days? Yes, this was and still with some banks is the true fact. RBI (Reserve Bank of India) got many complaints like this and finally they issued a directive to all banks in India about the time limit in which Banks should complete this process.
How many of us know about such rule? I say very little. I have found that even the staff working in the Bank is not aware of such rule and say I did not know this but now I shall remember this as last time my account was settled after around 40 days. You should not shock for this news as you have gone through this many times may be.
Now you have some relief from RBI. It is now mandated to all banks some orders for your help and these are this orders:
It is mandatory for the banks to reimburse the customers; the amount wrongfully debited on account of failed ATM transactions, within a maximum period of 12 working days from the date of receipt of the customer complaint.
For any failure to re-credit the customers account within 12 working days from the date of receipt of the complaint, the bank shall pay compensation of Rs.100/-, per day, to the aggrieved customer. This compensation shall be credited to the customer’s account automatically without any claim from the customer, on the same day when the bank affords the credit for the failed ATM transaction.
The issuer bank is entitled to claim such compensation paid to the customer from the acquirer bank, if the delay is attributed to the latter. By the same logic the ATM network operators shall compensate the banks for any delay on their part.
How do you find this?
Now, if you don’t get your money back in this time demand your banker that “As per RBI directive I am entitle to get Rs.100/- per day where it is?
RBI – Directive Ref: DPSS No.101 /02.10.02/2009-2010
Dated: July 17, 2009
This is your “Right” and so insists on it. Kindly note you should not ask this as ‘beggar’ but make a “Demand” It should be remembered no bank in India is an exception to this and hence use your right firmly.
