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Failed Transactions: RBI Announces New Guidelines
September 24, 2019
This Friday, the Reserve Bank of India announced new guidelines for debit card and mobile wallet transactions with regard to turn around time (TAT). The move is aimed at helping online shoppers and ATM users in getting resolutions faster.
As per the announcement, banks now have to resolve failed debit card transactions within 5 days and UPI transactions within a day. Additionally, payment operators are required to resolve failed swipe machine, ATM, and Aadhaar-Enabled Payment (AEPS) transactions within 5 days and IMPS transactions within a day.
Photo credit: Dr PS Sahana * Kadamtala Howrah on Visualhunt.com / CC BY
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