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RBI compensation for TAT refund for POS/ATM/UPI/NEFT/IMPS

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VijayflyRaven

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Folks,
For all our reference, RBI TAT times for refund and compensation of Rs 100 per day beyond the prescribed time mentioned below. I had a bad experience with IndusInd bank and going to take them up for compensation. If anyone has experience, please share. I have promptly sent email with ticket details to IndusInd bank and merchant Bigbasket. The merchant is asking my bank to raise dispute but my bank declined it by closing every ticket I opened. So I am planning to take them up with RBI. I need to build a good case before going to RBI.

1) Prompt raising of tickets (both merchant/ payu and bank) and follow up done
2) Planning to give written complaint to branch and take acknowledgment.
3) Anything else?

m.rbi.org.in//Scripts/NotificationUser.aspx?Id=11693
 
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How to file a complaint against a bank on the RBI banking ombudsman portal

If you want to file a complaint against any bank, follow those steps. Remember one thing, file a complaint with your bank first, then wait 30 days for resolution. If your bank doesn't solve your problem within 30 days, you can move to the RBI banking ombudsman. If you don't get any satisfactory...
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View above post before filing with rbi, in case you have not done this before.
 
www.technofino.in

How to file a complaint against a bank on the RBI banking ombudsman portal

If you want to file a complaint against any bank, follow those steps. Remember one thing, file a complaint with your bank first, then wait 30 days for resolution. If your bank doesn't solve your problem within 30 days, you can move to the RBI banking ombudsman. If you don't get any satisfactory...
www.technofino.in www.technofino.in

View above post before filing with rbi, in case you have not done this before.
 
RaviAgl said:
www.technofino.in

How to file a complaint against a bank on the RBI banking ombudsman portal

If you want to file a complaint against any bank, follow those steps. Remember one thing, file a complaint with your bank first, then wait 30 days for resolution. If your bank doesn't solve your problem within 30 days, you can move to the RBI banking ombudsman. If you don't get any satisfactory...
www.technofino.in www.technofino.in

View above post before filing with rbi, in case you have not done this before.
Click to expand...
Thank you very much
 
VijayflyRaven said:
Folks,
For all our reference, RBI TAT times for refund and compensation of Rs 100 per day beyond the prescribed time mentioned below. I had a bad experience with IndusInd bank and going to take them up for compensation. If anyone has experience, please share. I have promptly sent email with ticket details to IndusInd bank and merchant Bigbasket. The merchant is asking my bank to raise dispute but my bank declined it by closing every ticket I opened. So I am planning to take them up with RBI. I need to build a good case before going to RBI.

1) Prompt raising of tickets (both merchant/ payu and bank) and follow up done
2) Planning to give written complaint to branch and take acknowledgment.
3) Anything else?

m.rbi.org.in//Scripts/NotificationUser.aspx?Id=11693
Click to expand...

Same happend with me few years ago with Bigbasket.

Amount deducted From Axis CC and Payment failed

But still Txn got settled and Bigbasket Received the Amount.

Now what happens Actually, Sometimes Due to low network issues, gateway issues etc, Payment Authorization was done successfully from Bank's end but Payment confirmation from Gateway end to the merchant is not recorded in real time in the system of Merchant and later it got Successfully recorded as a successful txn.

So merchant/Gateway mark your Payment as failed and ask to make the Payment again

Same Thing Happens when Pending UPI txns becomes successful next day or after few Hours.

E-Mail Indusind Bank and ask them if Txn is Successfully settled to the Merchant then Share with you ARN:- Acquirer Reference Number.

Then Share the Same with Bigbasket over E-Mail along with Txn Date and Amount

Bigbasket will check the same with the Gateway and confirm the receipt of your Payment and then give you two options Either Refund to Source Account or Refund to Bigbasket Wallet.

This is what happened with me.

If automatic refund is not received even after 7 days then definitely raise the Complaint for Compensation of Rs.100 Per day
 
VISHESH_BANSAL said:
Same happend with me few years ago with Bigbasket.

Amount deducted From Axis CC and Payment failed

But still Txn got settled and Bigbasket Received the Amount.

Now what happens Actually, Sometimes Due to low network issues, gateway issues etc, Payment Authorization was done successfully from Bank's end but Payment confirmation from Gateway end to the merchant is not recorded in real time in the system of Merchant and later it got Successfully recorded as a successful txn.

So merchant/Gateway mark your Payment as failed and ask to make the Payment again

Same Thing Happens when Pending UPI txns becomes successful next day or after few Hours.

E-Mail Indusind Bank and ask them if Txn is Successfully settled to the Merchant then Share with you ARN:- Acquirer Reference Number.

Then Share the Same with Bigbasket over E-Mail along with Txn Date and Amount

Bigbasket will check the same with the Gateway and confirm the receipt of your Payment and then give you two options Either Refund to Source Account or Refund to Bigbasket Wallet.

This is what happened with me.

If automatic refund is not received even after 7 days then definitely raise the Complaint for Compensation of Rs.100 Per day
Click to expand...
You are the inspiration for all of us. Thanks again.
 
VISHESH_BANSAL said:
Same happend with me few years ago with Bigbasket.

Amount deducted From Axis CC and Payment failed

But still Txn got settled and Bigbasket Received the Amount.

Now what happens Actually, Sometimes Due to low network issues, gateway issues etc, Payment Authorization was done successfully from Bank's end but Payment confirmation from Gateway end to the merchant is not recorded in real time in the system of Merchant and later it got Successfully recorded as a successful txn.

So merchant/Gateway mark your Payment as failed and ask to make the Payment again

Same Thing Happens when Pending UPI txns becomes successful next day or after few Hours.

E-Mail Indusind Bank and ask them if Txn is Successfully settled to the Merchant then Share with you ARN:- Acquirer Reference Number.

Then Share the Same with Bigbasket over E-Mail along with Txn Date and Amount

Bigbasket will check the same with the Gateway and confirm the receipt of your Payment and then give you two options Either Refund to Source Account or Refund to Bigbasket Wallet.

This is what happened with me.

If automatic refund is not received even after 7 days then definitely raise the Complaint for Compensation of Rs.100 Per day
Click to expand...
I read about ARN and have some questions. I understand ARN is when a refund is issued by merchant. However, in my case merchant big basket has not initiated any refund. The transaction failed as per them. IndusInd says they don’t have ARN.
 
VijayflyRaven said:
I read about ARN and have some questions. I understand ARN is when a refund is issued by merchant. However, in my case merchant big basket has not initiated any refund. The transaction failed as per them. IndusInd says they don’t have ARN.
Click to expand...
ARN is generated for every txn settled to a Merchnat via DC/CC and For refunds also.

When I called Axis , Axis shared with me ARN over the call and asked me to share it with Bigbasket.

To whom you asked about ARN.
This is a Technical Word. So a few over the call executives who are familar with it is able to understand .

Some details can be shared by only Backend team which a normal Customer Care Executive is not able to share with you directly untill and unless the Same is visible to him on his System

E-Mail Indus. Over E-Mail ,they will share the ARN , if txn is Actually settled with Bigbasket otherwise Indus will refund it without any further Questions.
 
Last edited:
VISHESH_BANSAL said:
ARN is generated for every txn settled to a Merchnat via DC/CC and For refunds also.

When I called Axis , Axis shared with me ARN over the call and asked me to share it with Bigbasket.

To whom you asked about ARN.
This is a Technical Word. So a few over the call executives who are familar with it is able to understand .

Some details can be shared by only Backend team which a normal Customer Care Executive is not able to share with you directly untill and unless the Same is visible to him on his System

E-Mail Indus. Over E-Mail ,they will share the ARN , if txn is Actually settled with Bigbasket otherwise Indus will refund it without any further Questions.
Click to expand...
Yes I asked the customer care agent who did not have it. I have also sent email to IndusInd but usually they take a long time to respond.

Thanks again.
 
A electricity bill payment got failed on bhim app but money got deducted on 9/3/24. The refund came yesterday after complaining to RBI BO. How much compensation am I eligible to ?
 
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