Banking · RBI Guidelines & Customer Protection
A customer visits a branch to complain about a 'Failed ATM Transaction' where the amount was debited from their account but no cash was dispensed. The ATM belongs to another bank. Based on RBI's Harmonization of Turnaround Time (TAT) and Customer Compensation guidelines for failed transactions, what is the operational responsibility of the 'Issuer Bank'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The Issuer Bank must wait for the 'Acquirer Bank' to send a formal refund before initiating any credit to the customer, regardless of the time taken.
- 2The Issuer Bank is only responsible if the customer provides a physical receipt from the ATM showing the transaction failure code.
- 3The Issuer Bank must credit the customer's account within T+5 days (where T is the date of transaction) and pay a compensation of ₹100 per day for any delay beyond this period.✓
- 4The Issuer Bank should inform the customer that since the ATM belongs to another bank, the customer must personally visit that bank's branch to lodge a complaint.
Correct answer
The Issuer Bank must credit the customer's account within T+5 days (where T is the date of transaction) and pay a compensation of ₹100 per day for any delay beyond this period.
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