With Banks gaining experience in the recon of failed transactions at ATMs, Reserve Bank of India, DPSS has decided to slash the time limit for resolution of the customer complaints by the Issuing Banks from 12 working days to 7 working days.
The Notification No is : RBI/2010/11/547, DPSS.PD.No.2632 / 02.10.002 / 2010-2011 dt.May 27, 2011
The complete notification can be accessed @
The high lights of the notification are:-
1. The time limit for resolution of customer complaints by the issuing banks shall stand reduced from 12 working days to 7 working days from the date of receipt of customer complaint. Otherwise compensation of Rs100/- for every delayed day will be due to the customer.
2. Compensation can only be claimed if the customer’s lodges the complaint with the ATM Card Issuing Bank, within 30days of the transaction. Yes, such a time limit is necessary to encourage customers to lodge complaints as early as possible. The older the complaint is, the difficult it is trace the corresponding records. So folks, preserve your charge slips and lodge complaints immediately. The ideal mode of complaints is handing over in person in the Branch or via email/online complaint lodgement
3. Another important change is on the number of free transactions. The number of free transactions permitted per month at other bank ATMs to Savings Bank account holders shall be inclusive of all types of transactions, financial or non-financial. At present, 5 free transactions are permitted at other Bank ATMs. There was no clarity as to whether the number of free transactions, included non-financial transactions or not. RBI has now clarified, that the limit for free transactions will be all inclusive. It is up to the customers as to how they make use of the free transactions limit.
4. It has been made clear that all the disputes regarding ATM failed transactions will be settled between the Issuing Bank and Acquiring Bank through the ATM system provider ONLY. The practice, if any, of bilateral arrangements outside the ATM dispute resolution mechanism is discouraged.
5. The directive shall be effective from July 01, 2011
Banks are encouraged to widely publicize these changes at all ATM locations and also by individual intimation to customers.
These changes can be intimated individually to customers via a pamphlet with the Monthly/Quarterly statement of accounts dispatched to account holders
Implication:
Majority of the Banks have streamlined their internal systems for the effective ATM recon issues, so this will not be a major change for the ATM Recon Team.
The major change for the customers is on the ‘free transaction limit’. They have to remember financial and the non-financial transactions too. Otherwise, they will have to shell out charges. This discipline is necessary for the overall financial viability of the system.
As I always say, why use ATMs, go for POS transactions while shopping, dining, paying fees etc.
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