Soumya Prakash Pradhan

The Reserve Bank of India (RBI) is responsible for regulating and supervising the banking sector in India. In September 2019, the RBI issued a circular regarding the harmonization of Turn Around Time (TAT) and customer compensation in case of failed transactions. 

This circular aims to ensure that customers are not inconvenienced when they make a payment and their account is debited, but the receiver's account is not credited.

If you have experienced a failed transaction where your account was debited, but the receiver's account was not credited, you are entitled to get compensation.

According to the RBI guidelines, if the money is not returned to your account within five days, the bank must pay a penalty fee. The penalty fee is Rs 100 per day, and it should be automatically credited to your account by the bank.

If the bank fails to do so, you can visit the bank and ask them to pay the penalty. In case the bank refuses to pay the penalty, you can write an email to the RBI's Customer Education and Protection (CEP) Cell at, citing the RBI circular.

If you have experienced a failed transaction, it is important to know your rights and demand compensation as per the RBI guidelines.