If your money is not returned to the bank account after the failure of transfer through UPI-IMPS, then there is no need to worry. We are telling you the methods using which you can easily get your money back.
Do you know in how many days the money will be returned to your account in case of failure of the transaction through NEFT, RTGS and UPI? The Reserve Bank had issued a circular in this matter on 19 September 2019. According to this, if the money is not returned to a customer’s account within the stipulated time, then the bank will have to pay a penalty of Rs 100 per day to the customer.
RBI’s rule says this
According to RBI, in case of failure of IMPS transaction, the amount should be automatically refunded to the customer’s account within T+1 day. Here T stands for transaction date. This means that if a transaction fails today, the amount should be credited back to the account on the next working day. If the bank does not do this, then it will have to pay a penalty of Rs 100 per day to the customer.
In case of UPI, there should be auto reversal in the customer’s account on T+1 day. If this does not happen, the bank will have to pay a penalty of Rs 100 daily after T+1 day.
If the money does not come, then complain here
In case your transaction fails, you should wait till the time frame set by your service provider to settle the matter. If the bank does not do so within the stipulated time frame, you will have to file a complaint with the system provider or system participant. If he fails to resolve the matter within a month then you can approach the Ombudsman of RBI. You can register a complaint by contacting the Ombudsman of your area through https://rbidocs.rbi.org.in/rdocs/Content/PDFs/AAOOSDT31012019.pdf.
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