MONEYLIFE IMPACT: RBI seeks reply from BoM for failed ATM transactions
After a Moneylife story, Pune-based Kiran Chaptekar not only received Rs30,000 that he lost in failed ATM transactions, but RBI has asked Bank of Maharashtra for an explanation
 

Last week, Moneylife story on `Money lost in Bank of Maharashtra ATMs’, had highlighted the plight of a father in Pune, who visited two ATMs to withdraw Rs30,000 for his daughter’s admission but did not receive the cash though the entire amount was debited by the bank from his account.

 

The story had appeared on 11th June, while the father, Kiran Chaptekar was made to fill forms for recovery of his money. (Read: Money lost in Bank of Maharashtra ATMs). That is, for a good nine days, Chaptekar was kept on the edge, for the money debited was quite large.
 
By a strange coincidence, the day Moneylife story was published, that is, on 11th June, the same evening at around 5.45pm, Rs30,000 was quietly credited into Chaptekar’s account. He did not receive any transaction alert but found out about this when he visited the bank, that evening. The bank official also told him that, it is mandatory for them to credit the amount within one week and she has met the deadline. 
 
This is again a Moneylife impact, as it is a result of several stories that were carried since the first one in 2011 that made the Reserve Bank of India (RBI) to issue necessary directions to banks. For this, Pune-based Sharad Phadke, who died recently, also triggered off the alert by invoking Right to Information (RTI) Act.
 
On 16th June, the Karve Road Branch of Bank of Maharashtra, has been reportedly asked by the RBI to give explanation about the incident involving Chaptekar.  “I received a call from my bank requesting me to visit the Karve Road Branch, where I have my account, and give a statement in writing that my Rs30,000 have been credited within the mandatory one week  period,’’ Chaptekar said.
 
He was told by the Branch Manager that his written communication is essential as RBI has questioned them on the basis of the Moneylife article and are under pressure as the Bank is getting a bad name.
 
We appreciate Chaptekar for not taking the matter lying down, as thousands of customers are bearing the brunt of lethargy of banks to credit back the wrongly debited amount, quickly. With technology at their beck and call, banks should be able to credit the amount within seconds and a software to this effect is available. It is being used by several private banks.
 
(Vinita Deshmukh is consulting editor of Moneylife, an RTI activist and convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation series on Dow Chemicals. She co-authored the book “To The Last Bullet - The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte and is the author of “The Mighty Fall”.)
 
Comments
A S Bhat
7 years ago
Congratulations Moneylife on bringing latest updates and your campaigns against various fraudulent entities' schemes. You are doing a great job Mrs. vinita deshmukh madam and Mrs sucheta dalal madam. Carry on. I like your articles and a regular reader.
TIHARwale
7 years ago
Vinita Deshmukh please find RTI to find out whether money was in divert bin only. Also the the dates when cash was replenished in the two concerned ATMs before and after the non delivery. this will give an idea whether re-credit was automatic or re-credit while satisfying the ATM user but a cover up regarding the cash verification guideline adhered or violated during cash replenishment of ATMs in Bank of Maharashtra
Vijay Chandar
7 years ago
Not sure whether it is a story about a bank's service deficiency or a self congratulatory piece about money life and its contributors. Please restrict yourself to the event and let readers congratulate the site, if they find it worthy.
Sucheta Dalal
Replied to Vijay Chandar comment 7 years ago
Often we have people asking us whether our efforts lead to any results at all!

When they do, we think it is important to inform people. We are a tiny media outfit and this is a matter of survival.

If it upsets you so much to read this "self congratulation" then humbly request you to unsubscribe.

In any case, you are reading this effort FREE.

Have a good life.

Sucheta
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