RBI
RBI Rules: Banks Must Pay Rs 100–Rs 5,000/Day for These 5 Delays
8 October 2026 · The Economic Times
RBI's deadline-driven framework requires banks to automatically compensate customers for delays in failed digital payments, credit card closure, return of loan property documents, credit report correction, and locker loss. Per-day compensation ranges from Rs 100 to Rs 5,000 and is often credited suo motu.
Points to Remember
- Failed ATM/UPI/card/digital transactions: Rs 100 per day of delay beyond RBI's turnaround time (T+1 or T+5 in most cases), credited automatically.
- Credit card closure: must be processed within 7 working days; delay attracts Rs 500 per calendar day until account closure.
- Return of original property documents after full loan repayment: 30 days deadline (RBI guidelines dated September 13, 2023); delay attracts Rs 5,000 per day where attributable to the bank.
- Credit report inaccuracy/correction disputes: must be resolved within 30 days; delay attracts Rs 100 per calendar day.
- Locker loss due to negligence, fire, theft or fraud: bank liability capped at 100 times the annual rent (e.g., Rs 3,000 rent = Rs 3 lakh maximum). RBI Ombudsman can award up to Rs 30 lakh for consequential loss and Rs 3 lakh for harassment.
Why it matters
Customers increasingly know these per-day compensation entitlements, so expect queries on delayed closures, document returns and failed transactions — and note that some compensation must be credited suo motu even before the customer asks.
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