Online transaction failed?: Banks were closed due to the Holi holidays at the end of the financial year 2020-21. In such a situation, if you have done an online transaction and it is not complete, then you do not have to worry. According to the Reserve Bank of India, your money will be returned in a certain time.
NPCI also tweeted this entire issue on April 2, due to continuous harassment of customers. According to NPCI, now the situation is normal, in such a situation, these transactions will now be completed. But there are a large number of people whose money has not been refunded yet. In such a situation, how many days will the money for NEFT, RTGS, and UPI transactions be returned?
On 19 September 2019, the Reserve Bank of India issued a circular saying that if the money of the failed transaction is not returned to the customers in a fixed time, then banks will have to pay 100 rupees late payment to the customers. According to a circular issued by the Reserve Bank of India, if the transaction fails and the beneficiary’s account is not even credited, then the bank will have to pay a penalty according to T + 1 (T is here in the context of the day). . The same rule will also apply to those making UPI payments.
Also, Read This: SBI ATM transaction failed? Did money get debited? How to lodge a complaint
Detailed description by RBI about failed Online transaction
| Incomplete transaction | Time to return the money | Penalty |
| If you withdraw money from an ATM or mini ATM but you do not receive cash but your account is debited. | Money should be returned within five days. | T + 5 (Day + Rs. 100) |
| Cut money from the card, but do not reach the beneficiary | Money should be returned within a maximum of one day. | T + 1 (day +100) |
| Transactions done for e-commerce website | Time to return the money within five days | T + 1 (day +100) |
