Get Rs.100 on each transaction failure by banks but, will it sustain?

Published: Sep 21, 2019, 7:57 am IST

Samikhsya Bureau

A notification issued by the Reserve Bank of India on Friday has come as a solace for customers who take pain in the queues but often fail to get the transactions through due to either technical or for reasons of manual nature.
The notification has stipulated that any such failure in transaction shall be under scrutiny and the banks have to pay a fine of Rs.100 to the customer suffering transaction failures.
The step must go down as a measure to make the banks to ensure transactions but the question remains as what should be the mechanism that a customer can lodge the complain regarding the transaction failure in whatever form.
Or is it just yet another step at customers satisfaction that may wear out slowly with time.
Because the RBI notification has not mentioned about the steps how a customer can highlight the transaction failures in case.