Credit Card Base

A committee set by Reserve Bank of India has placed forward recommendations for improved customer service from banks regarding cases of ATM, card problems.

Amongst the hoard of suggestions put forward are need for immediate blocking of lost ATM following intimation by SMS as well as instant restoration of money into the account of the customer in case ATM does not dispense cash.

In case a person gets an ATM transaction alert on lost ATM via SMS, he should reply to the SMS immediately seeking blocking of the ATM , the committee recommendation said.

The committee has worked under leadership of Mr M Damodaran, former Chairman of SEBI.

Many a times, the bank puts the causal for fraudulous transactions on negligence from the part of the customer. The committee has suggested that in case of such allegations, banks need to prove their stand and that customers cannot be deprived of their consumer rights.

Similar Posts:

• Interest rates on credit card to be capped
• ATM usage from other bank terminals worries home banks
• O P Bhatt favors merger of SBI with its associates
• What Should You Keep In Your Wallet?
• Todays News: Smart Credit Cards Arrive in U.S., Senate Fights over Financial Regulation and Gold May Drop in Price