Wrong UPI Payment: RBI has issued new guidelines addressing the concerns related to wrong transactions on UPI. Under the new rules, if you transfer money to the wrong UPI ID, you will get a refund within 24 to 48 hours…
Unified Payments Interface (UPI) has come like a revolution in the country. It has completely changed the transaction habits. Sending money from one place to another has become very easy. Money can be sent in a jiffy with just one scan. However, many times people accidentally transfer money to someone else’s UPI ID or account. If something like this happens to you too, then there is no need to panic.
Keeping these things in mind, the Reserve Bank of India (RBI) has issued new guidelines addressing the concerns related to wrong transactions on UPI. Under the new rules, if you transfer money to the wrong UPI ID, you can get your money back within 24 to 48 hours. When both the sender and the receiver use the same bank, the refund process is faster. However, if different banks are involved in the transaction, the refund process may take longer.
Contact the recipient of the money
To get your money back, you can contact the person to whom you have sent the money by mistake. You can request the recipient to send you the money back by sending him the transaction details.
Contact customer support of the UPI app
To report a wrong UPI transaction, talk to the customer support team on the UPI app. Give them the transaction details.
Register a complaint with NPCI
The National Payment Corporation of India (NPCI) manages the UPI payment system. In such a situation, you can register a complaint with NPCI in case of wrong UPI transaction.
Ask for help from your bank
To get your money back, contact the bank from which your money has been deducted. The bank people can help you get your money back.
Complain by calling on toll free number
If you make a wrong transaction through UPI, you can get your money back by talking on the toll free number. For this, call on toll free number 1800-120-1740 and register your complaint.
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