India's Reserve Bank has stepped in to provide consumers with relief.
The RBI's new guidelines have defined the new turnaround time for failed transactions of this kind.
If you're on a mood for online shopping and You have zero-in on the one mobile phone you've wanted to buy for a long time. The specs are fine, the contract is fine, everything is fine. You select the handset promptly, make the payment, a small glitch happens. The website for shopping tells you the payment has failed.
but you find no issues in this, you're happy and going to make the payment again.
And now, you realize that your bank account has already deducted money.
When this happens, it's a big tension. The same is valid if you try to withdraw cash only so that it can be deducted from your balance without tendering the notes. Such ' failed transactions ' may cause major headaches and may have financial effects if the sum is high.
This time India's Reserve Bank has stepped in to provide consumers with relief.
Must read these books on stock market:
If an ATM machine does not accept money and the balance is deducted from your account then your bank or financial institution will have 5 days to resolve the issue if it fails to pay a fine of Rs 100 per day until the matter is resolved. This amount is credited to your account. RBI guidelines say that in the case of micro-ATMs the same approach would apply.
Also, for PoS (Point of Sale) transaction and card-swiping at a shop or gas stations, if the amount is deducted from your account but the verification is not sent to the merchant or slip is not printed, the bank will have to reverse the amount automatically in 5 days. If this does not happen, the bank will be fined a fine of Rs 100 per day.
The same method will be applied on an e-commerce website for a failed transaction. A failed transaction will attract a Rs 100 fine per day to resolve the matter beyond the 5-day window given to the bank.
The RBI's new guidelines have defined the new turnaround time for failed transactions of this kind.
 |
| new rules by RBI for online transactions |
If you're on a mood for online shopping and You have zero-in on the one mobile phone you've wanted to buy for a long time. The specs are fine, the contract is fine, everything is fine. You select the handset promptly, make the payment, a small glitch happens. The website for shopping tells you the payment has failed.
but you find no issues in this, you're happy and going to make the payment again.
And now, you realize that your bank account has already deducted money.
When this happens, it's a big tension. The same is valid if you try to withdraw cash only so that it can be deducted from your balance without tendering the notes. Such ' failed transactions ' may cause major headaches and may have financial effects if the sum is high.
This time India's Reserve Bank has stepped in to provide consumers with relief.
Must read these books on stock market:
If an ATM machine does not accept money and the balance is deducted from your account then your bank or financial institution will have 5 days to resolve the issue if it fails to pay a fine of Rs 100 per day until the matter is resolved. This amount is credited to your account. RBI guidelines say that in the case of micro-ATMs the same approach would apply.
Also, for PoS (Point of Sale) transaction and card-swiping at a shop or gas stations, if the amount is deducted from your account but the verification is not sent to the merchant or slip is not printed, the bank will have to reverse the amount automatically in 5 days. If this does not happen, the bank will be fined a fine of Rs 100 per day.
The same method will be applied on an e-commerce website for a failed transaction. A failed transaction will attract a Rs 100 fine per day to resolve the matter beyond the 5-day window given to the bank.
No comments:
Post a Comment