Need Better and Safe Net banking, Monitored and Audited by RBI
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I maintain a company account with YesBank 2 years now, and always find their website a kind of buggy. When ever I called and complained them I get a general response to use their app, which is not perfect either.
When I say buggy it involves numerous failed transactions, which I do not have track of. But when I got alerted is when I tried transferring Rs.2000 on 02-04-2016 from YesBank to a beneficiary account of a different bank I got a message saying that "Your fund transfer for Rs. 2000 on 02-04-2016 could not be processed. Please try later.(IMPS Ref no. XXXX0974XXXX)"
So I initiated the traction after some time and the transaction went through, but now I noticed that Rs.2000 has been debited twice, i.e even the failed transaction has also debited from my account.
From that day on, I have sent numerous mails and calls to the YesBank which didn't attract any reply at all. Finally I received a mail on May-04-2016 with the below details from the head grievance redressal with the below details
"Regarding IMPS transaction amounting on INR 2,000.00, RRN XXXX0974XXXX, the same was a Timed Out transaction and was settled by NPCI manually with the beneficiary bank. While we are attempting to coordinate with HDFC bank on best effort basis to have the funds reversed in your account, we would request you to take up the matter with the beneficiary to have the same expedited."
So time-out is a security feature every bank has, that if a browser is idol or refreshed or a back button is pushed the page automatically times out so that others cannot access the page. So as per Yes Bank's statement even after the transaction times out - they still managed to push the funds manually, in spite of a failed transaction message.
And "we would request you to take up the matter with the beneficiary to have the same expedited." - How could I coordinate with the beneficiary for the banks buggy system.
With all this going and there was no conclusion, the same bug raised again now with a failure for Rs.4000. When called YesBank it was a technical glidge and they cannot assure the reversal of the money, Com'on - its a bank and not a joke factory.
So if its Rs.7000 for me in a month, just image how many Indians will looted in the name of technical glidge.
So my request to the RBI is to ensure the Banks has the minimum safety standards and ensure some one will take responsibility for the technical issue or a online failed transaction.
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