Banking · RBI Guidelines and Regulations
According to the RBI's Harmonization of Turnaround Time (TAT) guidelines, what is the compensation structure for a failed ATM transaction where the customer's account is debited but cash is not dispensed?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The bank is exempt from compensation if the failure is due to a third-party network issue.
- 2The bank must auto-reverse the funds within T+5 days, failing which it must pay a compensation of 100 rupees per day of delay.✓
- 3The bank is required to pay a flat penalty of 1,000 rupees regardless of the duration of the delay.
- 4No compensation is payable; the bank is only required to reverse the funds within 30 days.
Correct answer
The bank must auto-reverse the funds within T+5 days, failing which it must pay a compensation of 100 rupees per day of delay.
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