Issues on chargeback is a major concern for RBI
By Ankit Sharma
Dec 11, 2013
Print    Email    RSS   

The recent concerns regarding the security of Automated teller machines (ATMs) has now been renewed, the Reserve Bank of India (RBI) has hailed an issue with chargeback — cash charged from accounts without money allotment at the time of withdrawal. Defers in returning cash for questioned transactions have additionally gone under RBI's scanner.

The amount of grievances about chargeback at ATMs is generous, something like 3,000 a day (or 90,000 a month), the frequency of chargeback objections is in the ballpark of 0.031 percent and it could be cut down to 0.010 percent, as per NPCI's gauges.

While measures included in ATM transactions could be low, these are essential for those whose profit is meager. Issues in these, for example, blames and defer in restoring cash to the card-holders might hit the clients hard, Hota said. He included that State Bank of India and Axis Bank had an exceptional record on charge backs.

(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Carnival of Indian Personal Finance Blogs #2
Health rewards credit cards in India: A...
Students Credit Cards in India
Be familiar with your Cash-Back Credit Card
American Express Platinum Corporate Card:...

Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...

91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive