New Delhi | Jagran Business Desk: Ever since the beginning of coronavirus pandemic, digital transactions have increased in the country as many people are afraid of dealing in cash. According to a report, digital payments in India had crossed the 200 crore-mark in India in month of October this year. However, the possibility of a failed transaction is still a big worry among Indian customers.

Though digital transactions increased across India in October, a report by National Payments Corporation of India (NPCI) has claimed that eight banks suffer a higher rate of failed digital transactions. The reports said that the technical failure rate in digital transactions of these banks is above 3 per cent which is a major concern.

Which banks suffer a higher rate of failure in digital transactions?

The NPCI report said that customers of government-owned banks suffer the most from the problem of failed digital transaction. The report says that Canara Bank has a fail transaction rate of 9.8 per cent, Bank of India has 4.2 per cent fail transaction rate and State Bank of India (SBI) has a 3.7 per cent fail transaction rate.

On the other hand, HDFC Bank, Axis Bank and ICICI Bank have a fail transaction rate of 1 per cent. Kotak Mahindra Bank, meanwhile, has a fail transaction rate of 2.36 per cent.

Banks now need to pay you a penalty for a failed digital transaction:

Last year, the Reserve Bank of India (RBI) had laid new rule which said that banks would now need to pay their customers a penalty for all failed digital transaction where they are not at fault. As per the RBI, banks would need to pay a penalty of Rs 100 per day for "delay beyond the timeframe set for auto reversal of such transactions".

"Failed transactions shall also include the credits which could not be effected to the beneficiary account on account of lack of full information or lack of proper information and delay in initiating a reversal transaction," the RBI had said earlier.

Posted By: Aalok Sensharma