It is often the case that complaints related to Online transactions are being passed on day after day. The remitter is often left helpless for the delays to settle if in case transaction goes wrong. The RBI has taken initiative to solve this problem.RBI in a new ruling said that the customer’s complaint has to be met in speed track. Banks and other institutions will be obliged to compensate customers for the online system of digital transaction complaints and their settlement. The Reserve Bank has also put a time window to settle the complaint.
As per the new directive all banks and companies that provide digital payment services, should introduce an ‘online dispute resolution system’. The customer’s complaint has to be met there. If the complaint is not settled within the stipulated time, compensation has to be born by the company.
There are many instances when withdrawing money from an ATM, the money was debited from the account, but the customer did not receive it. If so, the money must be returned to the account within the next five days. The same error may occur when sending money through cards. That is, the money leaves the account but does not reach the destination. All payment apps have to return the money debited from the customer if POS(Point Of Sales)does not deliver a bill for the purchase, which essentially means the transaction is not complete.
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