Resolved Failed ATM Transactions

According to the RBI, their are 44,857 ATMS in India. Unfortunately they don’t have a 100% uptime and hence issues arising of failed ATM transactions have come under the purview of the central bank.

RBI in its notification DPSS No.101/02.10.02/2009-2010 has instructed all the banks to resolve customer issues regarding failed ATM transactions. The bank is under the obligation to resolve this issue within 12 working days. In case of delay beyond 12 working days from the date of registering the complaint, the bank is under the obligation to pay Rs 100 / day to the customer.

In case of inter brank ATM transaction [You hold SBI card and ICICI ATM fails], the issuer bank is entitled to claim such compensation paid to the customer from the acquirer bank, if the delay is attributed to the latter.

India has 4,70,237 POS systems where your ATM cards are accepted and where you can withdraw cash upto Rs 1,000 / day.

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