Lack of information on ATM complaints – Banks have to pay compensation for the delay in solving the ATM complaints, according to RBI

May 2nd, 2013| Finance.

Lack of information on ATM complaints – Banks have to pay compensation for the delay in solving the ATM complaints, according to RBI.

Most of the ATM users regularly face the difficulties.RBI has made the rules in April 2009 that states the banks to pay compensation to the customers for the mistakes. But only some people are aware about it.

* Compensation can be got by the customer in the case of delay in solving the ATM complaint by the bank.
* Solution to customers’ troubles to some extent.
* Lack of knowledge is dragging the customers from getting compensation.
* Increasing numbers of complaints.

There are several complaints about banks that they make many mistakes in the transactions of customers, they don’t respond to the complaints promptly and show negligence in rectifying their mistakes. But according to RBI rules, banks has to respond within 12 days of complaint by the customer regarding the mistake in ATM transaction and if the bank doesn’t respond within 12 days, Rs. 100 per day should be paid as compensation to the customer from the 12th day onwards. Though some temporary inconvenience is caused, this compensation is useful for customers to some extent. According to banking ombudsman, there is an increase in the complaints regarding the mistakes in ATM transactions. Recently, a customer has got a compensation of Rs. 20,000 for the mistake of Rs. 8,000 in ATM.

More are of ATM complaints….
Most of the complaints regarding banks are of ATM only. An official from SBI says that it has become necessary to make special arrangements to solve the ATM complaints since compensation is charged in this regard. But the bank is remaining tight lipped about the number of complaints. Even having special teams for solving ATM complaints, still there are more numbers of complaints. More complaints are from the transactions made from other banks’ ATM and an official from a bank explains that there will be a time lag by default in solving the complaints if more numbers of agencies than one are involved in the process.

Lack of Knowledge about ATM complaints
Though bank needs to pay the compensation for the delay in solving the ATM complaints according to RBI rules, it is not executed properly. The main reason for this is lack of knowledge about this rule among the people. Banks are saying that the 12 day limit laid by RBI is too short and it is not correct to pay the compensation for the cases that naturally take more time.