ATM glitch: Banks to repay amount in 7 days

[Minal]

As per an RBI directive, banks will have to credit the wrongly debited amount to the customer's account due to failed ATM transactions within seven days of the complaint from 1st July'2011 onwards, as against the current norm of 12 days.

As per RBI guidelines, the banks would have to pay Rs. 100 per day beyond 7 working days, but only if the complaint is lodged within 30 days of the date of the transaction.

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[White Caps]

Good initiative by RBI.