RBI says banks must pay ₹100 daily for delayed refunds
Business
Ever had a UPI payment, ATM withdrawal, or card transaction fail and the money didn't come back quickly?
Good news: RBI rules say if your refund isn't sorted in time (by the next day for UPI or within five days for ATMs) you're owed ₹100 per day until it's fixed.
The best part? Banks have to credit this automatically.
Use RBI Integrated Ombudsman Scheme
These RBI rules cover failed transactions caused by tech glitches or cash shortages (in India only) and apply whether you use a bank or an approved payment app.
If the compensation doesn't show up on its own, you can raise a complaint through the RBI's Integrated Ombudsman Scheme.
Timelines include weekends and holidays, so don't let banks stall!