Q.3. Are the customers eligible for compensation for delays beyond 7 working days?
Ans. Yes. Effective from July 1, 2011, banks have to pay compensation of Rs. 100/- per day for delays in re-crediting the amount beyond 7 working days from the date of receipt of complaint for failed ATM transactions. The compensation has to be credited to the account of the customer without
any claim being made by the customer. If the complaint is not lodged within 30 days of transaction, the customer is not entitled for any compensation for delay in resolving his / her complaint. The customer can take recourse to the Banking Ombudsman, if the grievance is not redressed by the his/her card issuing bank within 30 days.
SARFAESI Act and Rules
SARFAESI Act (The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002)
It means once the borrower has failed to make interest or principal payments for 90 days, the loan is considered to be a non-performing asset.
was enacted to regulate securitization and reconstruction of financial assets and enforcement of security interest created in respect of Financial Assets to enable realization of such assets.
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