Bank Transaction failed: According to the National Payments Corporation of India (NPCI), UPI and IMPS transactions failed in some banks on 1 April due to the end of the financial year. Many bank customers say that the money has not been returned even after two days.
However, such complaints are raised through social media by customers on the day of arrival. If you are also among those whose money is not returned to the bank account after the transfer failed through UPI-IMPS, then there is no need to worry. We are telling you the methods by which you can easily get your money back.
100 daily penalty
Do you know how many days the money will be returned to your account if the transaction failed through NEFT, RTGS, and UPI. The Reserve Bank had issued a circular on 19 September 2019 in this matter. 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 daily to the customer.
What the RBI says if your Bank Transaction failed
According to RBI, in case of IMPS transaction failure, the amount should be automatically returned to the customer’s account in T + 1 day. Here T means transaction date. This means that if a transaction fails today, the amount should be returned to the account on the next working day. If the bank does not do so, then the customer will have to pay a penalty of Rs 100 daily. In the case of UPI, there should be an auto reversal in the customer’s account in T + 1 day. If this does not happen, the bank will have to pay a penalty of Rs 100 daily after T + 1 day.
Can complain to the regulator
If your transaction fails, you should wait until the deadline set by your service provider to settle the case. If the bank does not do so within the stipulated time, then you will have to lodge a complaint with the system provider or the system participant. If he fails to resolve the matter within a month, you can go to the RBI ambassador. You can lodge a complaint by contacting the Ombudsman in your area through https://rbidocs.rbi.org.in/rdocs/Content/PDFs/AAOOSDT31012019.pdf.