Module: General Practice
Q18: If a bank fails to reverse a failed ATM transaction within the stipulated T plus 5 days, what is the mandatory compensation amount payable to the customer per day of delay?
✅ Correct Answer: B
The mandatory compensation is Rupees 100 per day.
As per the RBI guidelines for authorized Payment Systems, if the bank fails to re-credit the customer's account within T plus 5 calendar days after a failed ATM transaction, it must pay the customer a compensation of Rupees 100 for every day of delay beyond the T plus 5 timeline.
This compensation must be credited to the customer's account automatically (suo moto) without the customer having to claim it.
As per the RBI guidelines for authorized Payment Systems, if the bank fails to re-credit the customer's account within T plus 5 calendar days after a failed ATM transaction, it must pay the customer a compensation of Rupees 100 for every day of delay beyond the T plus 5 timeline.
This compensation must be credited to the customer's account automatically (suo moto) without the customer having to claim it.