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5-9-11, Saifabad, Hyderabad, Andhra Pradesh, India – 500004
To Whom It May Concern: Account debited without cash disbursement at Andhra bank.
I am an ICICI bank customer and was trying to withdraw money from Andhra bank ATM near by my locality. On 8th of Sept I requested to withdraw 6500/- to my surprise, I kept on waiting and machine did not disbursed cash. After around 20 second I got message saying transaction declined. Thinking of link/other technical issue, I tried once again and this time I got error message saying "insufficient fund". My account balance is 10.5k. So I was fully firm that I have money in my account. I gave another try and received the same error message. Then I decided to go to another bank – HDFC ATM near by. There also I tried to withdraw 6.5k and got he same error.
Finally, I went to ICICI bank ATM, as I reached at ATM i got an SMS saying that your account has been debited with Rs.6500, I went and took a mini statement and found that the transaction in reference has been already debited from my account. It made completely nervous and speechless, money I was withdrawing to pay rent and I promised to pay my land lord.
I called ICICI customer care, conveyed my plight, they ask me entire details to raise a complaint. They are saying that it will take 12 working days as per RBI norms to get this issue resolved. Today it is 4th day, every day I am making a call to them to get the status update but they their stand are clear 12 working days (The way they reply looks like there into 1980's banking system.)
I am travelling through completely rough/tough whether (Financial) now, I wanted that money to pay my house rent, my land lord everyday he is asking, I explained him the problem, being a layman, he is not ready to accept my genuine problem. He has his own liability to pay.
I am salaried have limited inflow of fund, due to unforeseen requirements, entire inflow from salary was commuted immediately. The fund I received for paying rent was a position which I was having in the market. I sold it loosing 60% of it to pay off my rent and other dues. I was not knowing that the money which I brought paying rent and other immediate liability will go to Andhra bank's ..not sure.. who is enjoying at my cost and suffering.
I am requesting/suggesting to the RBI policy maker, there might be thousand of incident like this. This may result into a source of fund for commercial baker to keep them fully liquid at no cost and other's suffering.
a) 12 working days meaning nearly three weeks time lease reduce this time lag, we are not in 1980's banking system. Technology has evolved in its own way; we are into global cyber colony. A manager of Andhra bank sitting at Mumbai or central monitoring cell must be knowing this incident using his terminal. He does not want to act immediately that is a different thing, he should be aware that this is global competition world, he can keep neglecting only for few days and not forever. This type of incident going ahead will put them in danger, not sure whether he will get salary or not? Pvt Sector will take over.
b) There must be compensation to customer both in terms of fine and interest. A banker never compromise/fail to charge customer, similarly its should pay to customer as per their existing norm.
c) RBI should be stringent in its policy, imagine If I would have been out station, this incident must have put me to sell off my belonging such as watch, clothes etc.
