The issuing bank shall claim the amount paid by it to the customer from the respective bank/s which have acquired the POS transaction/s in question. The acquiring banks have to pay the amount paid by the issuing bank without demur within 3 working days of the issuing bank raising the claim, failing which the Reserve Bank of India would be constrained to compensate the issuing bank by debiting the account of the acquiring bank maintained with the Bank.
This is fine, though I will be a little skeptical on the Rs. 100 per day penalty. Why, because Reserve Bank of India had earlier prescribed a similar penalty of Rs. 100 per day for delayed refund of failed ATM transactions and then instructed Banking Ombudsman offices in India not to issue orders in favour of bank customers based on the RBI circular. Read complete details in this article: Rs. 100 per day penalty for delayed refund of failed ATM transactions.