What is the RBI guideline if the money is not refunded for 45 days after the transaction fails

 The RBI guideline for failed transactions is as follows ¹ ² ³:

- *Timeframe for Refund*: The RBI has directed banks to refund the amount within a maximum of 12 days from the date of receipt of the customer complaint.

- *Penalty for Delay*: If the bank fails to refund the amount within the stipulated timeframe, they will have to pay a penalty to the customer.

- *Turn Around Time (TAT)*: The RBI has also introduced the concept of TAT, which is the outer limit for resolution of failed transactions. The banks and other operators/system participants shall endeavor towards quicker resolution of such failed transactions.

- *Customer Compensation*: Wherever financial compensation is involved, the same shall be effected to the customer's account suo moto, without waiting for a complaint or claim from the customer.

- *Complaint Redressal*: Customers who do not get the benefit of redress of the failure as defined in the TAT can register a complaint with the Reserve Bank - Integrated Ombudsman Scheme, 2021 (as amended from time to time).