A failed transaction, incorrect debit or delayed refund can be frustrating, especially when a bank takes weeks to resolve the complaint. If your grievance remains unresolved, you can escalate the matter through the prescribed complaint redressal mechanism. But how long should you wait before taking the next step?
The good news is that you can file a complaint with the Reserve Bank of India Complaint Redressal System. In certain cases, you might also be eligible for compensation.
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When Can You Claim Rs 5,000 Compensation?
When the complaint is not resolved within the stipulated period of time, you can go ahead and file a complaint through the RBI complaint portal. For eligible cases, compensation can be claimed for delays or losses caused by the bank.
It should be noted that an amount of Rs 5,000 compensation is not always provided in all delayed complaints. This depends upon the kind of complaint and RBI regulations.
RBI Compensation Rules You Shouldn't Miss
Here are five situations where RBI rules may entitle you to compensation.
Failed digital payments: Rs 100 per day if the bank misses the RBI-mandated refund deadline.
Credit report errors: Rs 100 per calendar day if unresolved within 30 days.
Credit card closure delay: Rs 500 per calendar day beyond 7 working days.
Loan property documents delay/loss: Rs 5,000 per day beyond the 30-day deadline.
Bank locker loss: Compensation up to 100 times the annual locker rent.
What to Do in Case of Delay by Your Bank?
You need to file a complaint with your bank and keep the complaint number for future reference. Maintain all your emails, messages, transaction records, and other relevant documents.
In case your complaint is rejected or your bank fails to respond within 30 days, then you can file your complaint with the RBI through their Complaint Management System, on the basis of the relevant eligibility criteria.
How to Lodge Your Complaint with RBI?
You can lodge your complaint on the RBI website. Just fill in the relevant details of your problem and attach your documents.
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