Business

If the transaction fails, the RBI intervenes with a delay in refund

The newly formed Consumer Protection Regulator (CCPA) has asked the RBI to intervene to ensure timely return of failed or canceled banking transactions. In a letter to Reserve Bank of India (RBI) Deputy Governor MK Jain, Nidhi Khare, Chief Commissioner, Central Consumer Protection Authority (CCPA), said that “2,750 complaints are pending even if the transaction / cancellation money is not refunded”.

Public or private banks are plagued by all customers, more competition for debit cards and e-banking.

About 20 per cent of complaints registered in the banking sector are made through the government-run National Consumer Helpline (NCH). He said banks were depositing funds in the accounts of customers or beneficiaries but this was not being done in a timely manner as per the RBI guidelines. Khar said that as per the guidelines issued by the RBI, banks need to settle claims within the time limit.

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“As the banking regulator, the RBI has been requested to take note of the matter and ask the bank to follow the deadline as per the prescribed guidelines,” he said. He said the CCPA was ready to co-operate with the RBI to ensure a speedy resolution of consumer complaints.

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