Money debited but no cash from ATM? Bank must refund within five working days, says UP police officer

It often happens that an ATM does not dispense cash while the amount is still deducted from the account. A debit message arrives on the mobile phone and people get worried. Uttar Pradesh police officer Rohit Sharma has posted a video on social media explaining the correct course of action. The video is going viral.

In the video, Sharma said there is no need to panic. Under Reserve Bank of India (RBI) rules, the bank must return the money within five working days. If it is late, the bank will also have to pay compensation of Rs 100 for each day.

According to the video, the first step is to note down the transaction number. Keep safe the ATM ID printed on the receipt. If the ID is not visible on the receipt, take a photograph of the information shown on the ATM screen. Remember the date, time and amount.

Then call the bank's helpline immediately, or file a complaint through the mobile app or net banking. One can also give a written complaint at the branch. Do not forget to take a reference number for the complaint.

As per the RBI, if money has been deducted from the account even though the ATM did not dispense it, the bank must refund the full amount within five working days of the date of the transaction. In most cases the amount is returned automatically. If the money is not received even after five days, the bank has to pay Rs 100 for each day from the sixth day.

The RBI rules are in the interest of customers, so it is the bank's responsibility to ensure they are followed. Sharma said that if the bank does not return the money on time, a complaint can be made by calling the RBI helpline 14448. A complaint can also be registered through the RBI's complaint management system.

While complaining, give all details correctly. Mention the ATM location, the name of the bank and the transaction ID, and attach screenshots as well. In its inquiry, the bank examines the ATM logs and CCTV footage. If no money was dispensed, the amount is returned.

The video is proving useful to people. People are sharing it on social media and praising the police officer for giving correct information in simple language. Sharma advised people not to take any wrong step out of panic, to stay calm and follow the correct procedure. He also said to always take the receipt when using an ATM and to note down the transaction details.