RBI sets Rs 5000 daily bank compensation for select customer grievances

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The Reserve Bank of India has issued a new framework mandating financial compensation for bank customers in specific grievance scenarios. The directive, effective from April 1, 2024, stipulates a compensation of up to Rs 5,000 per day of delay. This applies to situations such as failed fund transfers due to bank error and unauthorized electronic transactions reported by the customer. The move aims to enhance customer service and accountability within the banking system.

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