Reserve Bank of India: In an effort to improve the security and dependability of digital transactions made via the Unified Payments Interface (UPI), the Reserve Bank of India (RBI) introduced new rules. Even while UPI makes it simple for people to send money digitally, problems like declined transactions or sending money to the wrong UPI ID may lead to losses. But now that the RBI has released a new regulation, customers can anticipate receiving their money back even if they mistakenly send it to the incorrect UPI ID. Everything you need to know about this recent development is provided here.
What is the RBI’s New Rule on UPI?
The most recent instructions from the Reserve Bank of India state that you should receive your money back in a 24- to 48-hour period if you mistakenly transfer funds to the incorrect UPI ID. If the payer and the beneficiary use the same bank, the return process should go more quickly. However, the refund process can take a little longer if multiple banks are involved in the transaction.
Five Methods to Get Your Money Back
- Contact the Recipient:Get in touch with the recipient and ask them to return the funds if you unintentionally transferred money to the incorrect UPI ID. To speed up the process, you can give them the transaction data.
- Contact Customer Support: Inform your UPI app’s customer care team about the incorrect transaction. Give them all the transaction information you need, and they’ll start the refund procedure on your behalf.
- File a Complaint with NPCI: You can lodge a complaint with the National Payments Corporation of India (NPCI) if the methods listed above are unsuccessful in resolving your problem. Send them all the relevant transaction information so they can take additional action.
- Seek Help from Your Bank: Your bank can help you retrieve funds if you transferred money to the incorrect UPI ID. They could start a chargeback procedure to get the money that was transferred back.
- Register a Complaint: In the event of a wrong UPI transaction, you can also register a complaint by calling the toll-free number 1800-120-1740.
Important Points to Note
People inadvertently sending money to the incorrect UPI ID is not unusual, and in certain cases, they might not receive their money back. On the other hand, money sent to the incorrect UPI ID will now be easier to retrieve according to the new RBI standards.
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