New Delhi, Oct. 8 -- Banks and financial institutions are required to complete several customer-service requests within timelines prescribed by the Reserve Bank of India (RBI). If a bank fails to meet these deadlines, customers may be entitled to compensation for every day of delay, depending on the applicable RBI rules.

These compensation provisions cover a range of services, including credit card closure, failed digital transactions, return of property documents after loan repayment and correction of credit-report inaccuracies.

The compensation can range from Rs.100 per day to Rs.5,000 per day in certain cases.

RBI's framework for customer compensation is largely deadline-driven. It specifies a turnaround time (TAT) for a particular ...