Current Affairs - Banking - Discussion

The Reserve Bank of India (RBI) has come out with a new order for banks and payment system operators regarding the failed transaction of customers. Under this, the time period has been fixed for the disposal of grievances and auto reversal of the amount on the failed transaction for the banks, which has been termed as Turn Around Time (TAT). Banks will have to pay compensation to the customers if there is no settlement or reversal of the transaction within this time period. This compensation will be as per Rs 100 per day after completion of the time period. This RBI order will come into effect on October 15, 2019.