When you happened to transfer your money by mistake via Unified Payments Interface (UPI), you should try to reverse the transaction promptly.
Experts point out the UPI transactions are usually final but there could be situations where you can dispute a transaction such as accidental transfers.
The situation where a transaction may not get reversed is when the recipient has already accepted the transaction.
Scenarios where UPI transaction needs to be reversed:
A. When you sent the money to the wrong ID: Imagine you entered the wrong UPI ID or the wrong phone number, then you should try to get the transaction reversed.
B. When the payment was unauthorised: In case the payment was sent without your authorisation, i.e., without entering the user ID then also you should try to reclaim your money.
C. Fraud: In case of fraud, obviously, if the money was sent illegitimately, you have all the reason to claim the reversal of transaction
D. Failure of transaction: In case the transaction failed and the money was deducted, you should aim to reclaim the money. It can happen when the recipient did not accept the payment.
These are the steps one can follow in case of an accidental transfer:
- Inform the bank: First and foremost, you need to contact the bank or UPI service provider (such as Google Pay) and inform them about the inadvertent transfer of money.
- Be prompt: It is imperative that you inform the bank promptly. The sooner you do this, the better it is.
- Approaching ombudsman: In case the bank failed to respond to your query, it is incumbent upon you to approach the bank’s ombudsman. There is nothing unusual to knock on the ombudsman’s door in case you have a genuine grievance.
- Contact NPCI: In case your grievance is not redressed in the manner and form in which you sought; you need to approach the NPCI.
Created by the banking regulator RBI, National Payments Corporation of India is an umbrella organisation for operating retail payments and settlement systems in India.
Source By: livemint
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