Better Recovery and Safety for ATM Users

As the technology is developing day-by-day, there is advancement in the banking sector too. With the advancement in technology, Automatic Teller Machines (ATMs) have made withdrawing money from the bank account very easy. Now when ever we like we can withdraw the money using ATMs this made our life easier, but they have their own barrier. Suppose you went to ATM to withdraw some money from your bank account and if the ATM malfunctions and your bank account are mistakenly debited for an unsuccessful transaction, what will you do?

From 1 July 2011, if your bank fails to reimburse you the money debited mistakenly from your account due to unsuccessful ATM transactions within seven days of your complaint, the bank will have to “pay a compensation of Rs.100 per day”.

Until now there was another rule that banks had to disburse the money within 12 days of complaint. Any customer is entitles to receive such compensation for delay, only if a claim is lodged within the issuing bank within days of date of the transaction. “Reserve Bank of India (RBI) notified it.

On the other hand, keeping the safety transaction in the mind, RBI has also suggested a shift to chip-based credit and debit cards from the magnetic strip ones. Unlike magnetic strip-based cards, cards with embedded chips are safer and it is very difficult to make its clone (Duplicate card). It also wants cards to have identification codes for security.

On the other hand, keeping the safety transaction in the mind, RBI has also suggested a shift to chip-based credit and debit cards from the magnetic strip ones. Unlike magnetic strip-based cards, cards with embedded chips are safer and it is very difficult to make its clone (Duplicate card). It also wants cards to have identification codes for security.