According to the National Payments Corporation of India (NPCI), the UPI and IMPS transaction failed on April 1 in some banks. Many bank customers say the money has not been returned after two days. If you, too, are involved in such persons, do not have to worry if their money is not returned to the bank account after the transfer has failed through UPI-IMPS. We are telling you ways you can get your money back easily.
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Do you know how many days will be refunded to your account if the transaction fails through NEFT, RTGS and UPI? The Reserve Bank had issued a circular dated 19 September 2019 in this regard. Accordingly, if the money is not returned to the customer account within the stipulated time, the bank will have to pay a fine of Rs 100 per day to the customer.
What does the RBI rule say
According to RBI, if the IMPS transaction fails, the amount should be automatically returned to the customer’s account on T + 1 day. Where T is the transaction date. This means that if the transaction fails today, the amount must be returned to the account on the next working day. If the bank does not do so, the customer has to pay a fine of Rs 100 per day. In case of UPI, there should be auto reversal in the customer account on T + 1 day. If this does not happen, the bank will have to pay a fine of Rs 100 per day after T + 1 day.
May complain to the regulator
If your transaction fails, you have to wait until the deadline set by your service provider to settle the case. If the bank does not do so within the stipulated time, you will have to complain to the system provider or system participant. If they fail to resolve the issue within a month, you can go to the RBI Ambassador. You can make a complaint by contacting the Ombudsman in your area through https://rbidocs.rbi.org.in/rdocs/Content/PDFs/AAOOSDT31012019.pdf.
