Although the RBI specified in its notification that the system, for the time being, is limited only to disputes and grievances arising out of failed digital transactions, including those which have not been fully completed due to reasons unrelated to the customers (technical issues) such as failure in communication links, non-availability of cash in an ATM, time-out of sessions, etc. Apart from these, the system also includes those transactions whereby the amount has not been credited to the beneficiary’s account due to a lack of adequate information or delay in the initiation of a reversal transaction.
However in order to avail the remedy under this system the complainant should prove the Bank or the Payment System Operators or Payment failed to comply with the provisions relating to the circular of RBI regarding Harmonisation of Turn Around Time and customer compensation for failed transactions .
The following are the transactions covered in the circular of RBI relating to Harmonisation of Turn Around Time and customer compensation for failed transactions:
| Type of transactions | Turn-Around Time | Compensation Payable |
| ATM’s (Customer’s account debited but cash not dispensed) | T+5 days | Rs.100 per day for delay beyond turn around time |
| Card Transactionsa) Card to card transfer Card account debited but the beneficiary card accounts not credited.b) Point of Sale (PoS) (Card Present) including Cash at PoS Account debited but confirmation not received at merchant location i.e., charge-slip not generated.c) Card Not Present (CNP) (e-commerce) Account debited but confirmation not received at the merchant’s system. | T+1 dayT+5 daysT+5 days | Rs. 100 per day for delay beyond turn around timeRs. 100 per day for delay beyond turn around timeRs. 100 per day for delay beyond turn around time |
Immediate Payment System (IMPS)a) Account debited but the beneficiary account is not credited. | T+1 day | Rs. 100 per day for delay beyond turn around time |
Unified Payments Interface (UPI)a) Account debited but the beneficiary account is not credited (transfer of funds).b) Account debited but transaction confirmation not received at the merchant location (payment to merchant) | T+1 dayT+5 days | Rs. 100 per day for delay beyond turn around timeRs. 100 per day for delay beyond turn around time |
| Aadhaar Enabled Payment System (including Aadhaar Pay) a) Account debited buttransaction confirmationnot received at merchantlocationb) Account debited butbeneficiary account notcredited. | T+5 daysT+ 5 day | Rs.100 for delay beyond turn around time.Rs.100 for delay beyond turn around time. |
| Aadhaar Payment Bridge System (APBS)a Delay in crediting beneficiary’s account. | T+5 days | Rs.100 for delay beyond turn around time. |
| National Automated Clearing House (NACH)a.Delay in crediting beneficiary’s account or reversal of amount.b. Account debited despite revocation of debit mandate with the bank by the customer. | T+1 dayT+1 day | Rs.100 for delay beyond turn around time.Rs.100 for delay beyond turn around time. |
| Prepaid Payment Instruments (PPIs) – Cards / Walletsa.Off-Us TransactionThe transaction will ride on UPI, card network, IMPS, etc., as the case may beb. On-Us TransactionBeneficiary’s PPI not credited. PPI debited but transaction confirmation not received at merchant location. | Rules applicable to the respective systemT+1 day | Rules applicable to the respective systemRs.100 for delay beyond turn around time. |