All Operators and Participants of Authorised Payment Systems
Madam / Dear Sir,
Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems
Please refer to the Statement on Developmental and Regulatory policies issued as part of Monetary Policy statement dated April 4, 2019 wherein it was proposed that the Reserve Bank would put in place a framework on Turn Around Time (TAT) for resolution of customer complaints and compensation framework across all authorized payment systems.
Read the circular here: https://cca.org.in/wp-content/uploads/2020/09/RBi-Circular-on-HArmonisation-of-TAT-Customer-Compensation-for-failed-transaction-20.09.19.pdf