If the banks fail to do so in the stipulated period, they would have to pay a fine of Rs.100 per day from the 13th day onwards, said the notification. The penalty amount will also be credited on the same day when the bank pays back the debited amount for the failed ATM transaction to the customer, the notification said.

The RBI notification also said that the issuer bank is entitled to claim such compensation from the acquirer bank, if the later is responsible for the delay. Also, the ATM network operators will have to compensate the banks for any delay on their part.