Furthermore, the central bank has also instructed all payment operators to also resolve failed ATM, swipe machine and Aadhar Enabled Payments (AEPS) transactions within five days and IMPS transactions in one day as well.
Failure to resolve complaint within the stipulated time would make these lenders liable to pay customers Rs.100 for every delayed day, the apex regulator told banks and payment system opetators in a circular posted on RBI website.
A failed transaction is when an account gets debited but the payment is not registered; a pain point faced by many customers especially while transacting online.
“It has been observed that a large number of customer complaints emanate on account of unsuccessful or ‘failed’ transactions,” the central bank said. “Failure should be on account of various factors not directly attributable to the customer such as disruptions of communication links, non availability of of cash in ATMs, time out of sessions, non-credit to beneficiary’s due to various causes, etc.”
Earlier, in the absence of a uniform guideline for addressing these complains, each bank had their own resolution and compensation policies. RBI governor Shaktikanta Das had pointed this out in April while making his monetary policy speech and initiated a consultation process to find an adequate solution.
“Rectification / Compensation paid to the customer for these ‘failed’ transactions is not uniform,” the central bank circular read. “After consultation with various stakeholders, the framework for TAT for failed transactions and compensation therefors has been finalised which will result in customer confidence and bring in uniformity in processing of the failed transactions.”