Question about RBI TAT rules and compensation

[blacktiger]

RBI brought in a rule for banks to provide compensation for customers, if the failed transactions are not reverted within stipulated timeframe (https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11693). My debit card transaction failed few months back with Indusind mastercard, and it took like 20 days for amount to get reverted. The phone customer support told the maximum duration for mastercard to revert is 45 days, when I told them about RBI notification they had no clue. Today similar thing happened with bank of baroda card with visa network, they told the max time is 60days for complaint to get resolved. But they said nothing about compensation.

Has anyone successfully got compensation for banks missing the TAT times, ? What has been your experience?

 

[vijay.vj]

Technically Not eligible for Comepensation. UPI refunds are Instant usually. Delay must be from IDFC side.

What is mentioned in the narration of Refund Entry ?

Can you share Snapshot of Narration of Refund entry and Razorpay Refund E-Mail ?

I received 2nd email from Razorpay today, exactly same time I also received refund... I'm thinking IDFC is not at fault.
Fault seems to be with Razorpay, I may be wrong.

 

[VISHESH_BANSAL]

I received 2nd email from Razorpay today, exactly same time I also received refund... I'm thinking IDFC is not at fault.
Fault seems to be with Razorpay, I may be wrong.

Second Email RRN matching with RRN mentioned in Narration.

Razorpay Delayed the refund.

However it is not a Failed txn for which you can Claim Comepensation. It is just Account Creation is not successfull and hence Indie Refunded the Money.
Services are not rendered by other Party does not mean Payment is Failed

 

[vijay.vj]

Second Email RRN matching with RRN mentioned in Narration.

Razorpay Delayed the refund.

However it is not a Failed txn for which you can Claim Comepensation. It is just Account Creation is not successfull and hence Indie Refunded the Money.
Services are not rendered by other Party does not mean Payment is Failed

Thanks for clarification.

 

[Saurb]

@VISHESH_BANSAL I have booked a room with Oyo for Rs 438 and paid through the ICICI Bank UPI app. Payment was successful, but somehow it did not get reflected on the Oyo website. The payment gateway was Razorpay. When I complained to Oyo, they said payment not received by us; contact bank. When I connected with the bank, they sent me all the details of the successful payment to Oyo. Again contacted Oyo, but still they are saying we didn't get it. After checking on Razorpay with mobile number login, I get to know that payment is successful to Oyo. Now, I have complained to Razorpay about the dispute to get my money refunded back. Any compensation chance?

 

[Saurb]

@VISHESH_BANSAL I have booked a room with Oyo for Rs 438 and paid through the ICICI Bank UPI app. Payment was successful, but somehow it did not get reflected on the Oyo website. The payment gateway was Razorpay. When I complained to Oyo, they said payment not received by us; contact bank. When I connected with the bank, they sent me all the details of the successful payment to Oyo. Again contacted Oyo, but still they are saying we didn't get it. After checking on Razorpay with mobile number login, I get to know that payment is successful to Oyo. Now, I have complained to Razorpay about the dispute to get my money refunded back. Any compensation chance?

@VISHESH_BANSAL Please Reply.

 

[VISHESH_BANSAL]

@VISHESH_BANSAL Please Reply.

Not eligble for Compensation

 

[Saurb]

Not eligble for Compensation

RBI TAT Rule is applicable for both the Bank as well as Payment Gateways? So, here in my case payment was done on 31 oct. Its been more than T+5 days and still they haven't refunded. Isn't this issue from Razorpay side and they should compensate for it?

 

[VISHESH_BANSAL]

RBI TAT Rule is applicable for both the Bank as well as Payment Gateways? So, here in my case payment was done on 31 oct. Its been more than T+5 days and still they haven't refunded. Isn't this issue from Razorpay side and they should compensate for it?

That is for Failed Txn. Your Txn is not a Failed Txn. Even if you raise the Complaint , Bank will close it saying Txn is Successful.

Merchant is denying for services that does not mean Txn is Failed.

First Proof it, it is a Failed Txn, then Think about Comepensation.