• Customer awareness & banks: Keeping banks on their toes



      He looks such a mild man that you wouldn’t think he breathes activism; you wouldn’t believe he would fight with a missionary zeal against injustice. But he did—so effectively, that service providers had to mend themselves. And even after his triumph, he continues to crusade for the issue that so many people are saved from undergoing the experience that he underwent.

      Pune-based senior citizen Sharad Phadke’s fight has prompted a systemic change after his failed ATM transaction of Rs1,000 was debited from his account but not restored for 65 days by Bank of India (BoI), despite repeated reminders.

      Mr Phadke put up his case on the rtiindia.org website and a former bank official and RTI activist, JP Shah, also invoked the RTI Act on this issue with other banks like IDBI Bank, Bank of Maharashtra, ICICI Bank and Bank of Baroda. Here is the link to the thread: https://www.rtiindia.org/forum/48890-...nsactions.html

      After Mr Phadke’s story appeared on the Moneylife website on 4th May, managing editor Sucheta Dalal sent the article to the RBI, pointing to its contents as well as complaints of frequent breakdown in bank ATMs.

      The RBI has now reduced the banks’ timeframe from 12 days to nine days for depositing back the failed transaction amount to the customer’s account. A couple of other banks have made the procedure automatic so that they do not have to be burdened by the penalty.

      While Mr Phadke continues his mission to find out what other banks are doing to avoid customer inconvenience in this regard, it’s a great story about how an individual’s dogged fight can discipline large organisations like banks. Kudos to him!

      The article has been published at Money life here!

      Vinita Deshmukh profiles the struggle of a senior citizen whose fight has prompted a systemic change in how banks treat their customers.

      Kindly read the full article here: https://moneylife.in/article/customer...oes/18421.html
      Comments 6 Comments
      1. M.V.SUBRAHMANYAM's Avatar
        M.V.SUBRAHMANYAM -
        nice to know his fight for justice and the help done by others and this portal.
      1. prasad.dhirendra's Avatar
        prasad.dhirendra -
        I salute the crusader Sharad Phadke.
      1. umapathi.s's Avatar
        umapathi.s -
        Congrats for your fight against injustice resulting in systematic change in their service. Regards.
      1. dasarp's Avatar
        dasarp -
        1) Bankers interpret re-credit as 12 days from the date of complaint to them & not from the date they did not get the money.

        2) I had a problem using my Debit card in a pos terminal. After complaints my account was credited after some delay. Corporation Bank mailed me stating that that for wrong debit to the account using Debit cards in POS, the time is 45 days (as against 12 days for ATM). My mail to the Bank seeking the RBI circular was not responded .

        3)The interest for those days is not given. An eg., If I try withdrawing Rs15,000 from an ATM on 1st of a month & my account is debited on 1st. If the credit is given on 12th (within RBI set Time frame) I still donot get the Savings Bank interest for those many days which is unfair. My money is blocked to that extent & also I get no interest from the Bank which did not part with that money!
      1. jps50's Avatar
        jps50 -
        Recently RBI has reduced it to 7 working days from date of receipt of complaint by bank. At least now banks will gear up to avoid penalty. This is beginning of Public Service Guarantee Laws being enacted and citizen charter. Next step of RBI would be to do away with complaint from customer for failed atm transaction and bank will itself generate details of failed transactions from their system and restore amount.

        As for PoS problem you can seek certified photocopy of circular on this issue by filing RTI application:


        Central Govt application:
        https://www.rtiindia.org/forum/blogs/...govt-info.html
      1. ajaybiotek's Avatar
        ajaybiotek -
        We are facing rules that r not made for us. Take % of interest on our savings credited and % on loans we have to pay debited,are the bank officials so prompt? . A big NO. We do not get money credited to our account in time but we have to pay in time or else penalised. Who penalise them. Unless you take steps. They do not have any body to answer unless U initiate any action.. Its very sad on so many accounts, account holders are taken for granted.
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