Delaying Refund: Delaying Refund Of Amount .. RBI Questioned .. – Delaying Refund Of Amount

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Delaying Refund Of Amount: Shows that the transaction has failed when we make payments online or by card. However

Delaying Refund Of Amount: Shows that the transaction has failed when we make payments online or by card. However, the money will be deducted from the account. The banks will deposit the money back into the customer’s account after some time. This is what happens to most of us.
However in some cases it may take longer for the money to be refunded. The National Consumer Helpline has received thousands of complaints in this regard. Banks have been accused of delaying the repayment of cash deducted from the accounts of more than two thousand customers. Responding to this, the Consumer Protection Authority has asked the Reserve Bank of India to intervene in these matters. It sought to direct the banks to immediately return the money deducted from the accounts to the customer.

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