Banks in India soon will have to resolve ATM-related complaints within one week of consumers filing their grievances, the Reserve Bank of India ruled today. The policy takes effect June 1.
“This is our attempt to provide a common code for all banks,” a central bank official tells PaymentsSource.
The reserve bank earlier had asked the Indian Banks Association to draft a common code for ATM-related complaints. Its new order follows that work and was developed in consultation with the association.
“Now we are attempting to provide a template for the filing of complaints by the customers,” the official says. “It will also help us monitor a bank’s problem-solving capability.”
All ATMs in India would have to display an ATM identification number and a phone number consumers may call to report problems, the central bank notes in a statement. Banks eventually also must develop a system so consumers may file complaints and track them online.
Under the existing system, Indian banks typically employ individuals to monitor and solve problems for offsite ATMs, but adequate standards on how to handle complaints were lacking.