Banks Will Now Pay You ₹100 Per Day For A Failed E-Payment

The RBI has issued an statement that the bank has to pay ₹100 per day if any online transaction fails.

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According to the recent guidelines issued by the Reserve Bank of India (RBI), if there are any problems during e-payments i.e. if the receiver does not get the credited amount on time, then the bank will have to pay a compensation of ₹100 per day. 

Also Read: Banks To Go On A Strike On September 26 And 27

With an aim to redress customer grievances and allow smooth flow of online transactions, the RBI has further stated that this rule will be applicable on other payment modes like UPI, e-wallets and other platforms as well. 

Further, if there are any problems while debiting money from ATM and if the amount is debited but the person hasn't received it due to any technical glitch, then the bank will have to refund the amount within 5 days. 

Also Read: Addition Of ₹12,000 Crore In BMC's Reserve Funds In The Last Two Years

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