Govt Strict On Not Promptly Refunding Failed Transaction Amount
Govt strict on not promptly refunding failed transaction amount by banks, CCPA asks RBI to intervene.
Many times it happens that the payment is made to the customer’s bank account during the online transaction, but that transaction is not successful due to any reasons.
This often happens even in the case of cancellation of a transaction. In these cases the customer has only one option to wait till the bank returns the amount.
Sometimes this wait is excessively long. The govt has strict on this hilarious or inattentive attitude of the banks.
Consumer protection regulator CCPA has written a letter to RBI saying that such cases are continuously increasing and the central bank needs to intervene in the matter.
In a letter to Reserve Bank of India (RBI) Deputy Governor MK Jain, CCPA Chief Commissioner Nidhi Khare said that 2,850 cases of failure or cancellation of transactions.
But no refund was received by the National Consumer Helpline (NCH). Have been recorded at This is 20 percent of the total cases filed on NCH.
However, according to Khare, it is not that banks are not returning the money. But banks are not able to do this in the process at the time described in RBI guidelines.
As a banking regulator, it is the responsibility of RBI to take these matters seriously and to order banks to follow the prescribed time frame seriously in these cases.
He also said that the customers should be able to get back the stuck payment, the CCPA is ready to give full assistance to RBI in this work.
Khare said that the analysis of complaints received by NCH showed that banking services like IMPS and UPI are also witnessing increasing incidents of failure or cancellation and non-refund of refunds.
Significantly, the CCPA was formed on 24 July last year. Its purpose is to protect the rights of customers.
It has to regulate cases of unfair trade practices, misleading advertisements and ignoring customer rights.
It promotes the protection of the rights of the customer class. It has also been given the right of investigation in many cases.
