Consumer rights body seeks RBI intervention in banks delaying refund of failed transaction amount

Amid rising consumer complaints regarding delay in reverse or refund of money deducted on account of failed or cancelled banking transactions, newly set up consumer protection regulator CCPA has flagged this issue to the RBI seeking its intervention to ensure banks reverse such money on time.

In a letter to Reserve Bank of India (RBI) Deputy Governor M K Jain, the Central Consumer Protection Authority (CCPA) Chief Commissioner Nidhi Khare stated that 2,850 complaints pertaining to “transactions failed/cancelled but money not refunded” forming 20 per cent of grievances registered in the banking sector have been received through the government-run National Consumer Helpline (NCH).