If The UPI Payment Fails, The Bank Will Pay A Compensation Of Rs 100 Per Day, A Complaint Has To Be Lodged Here

 

If The UPI Payment Fails, The Bank Will Pay A Compensation Of Rs 100 Per Day, A Complaint Has To Be Lodged Here

The new financial year has started on April 1, 2021, the day UPI and IMPS transactions of government and private banks of the country failed. In such a situation, the money of the customers was also trapped. Learn what to do if your UPI transaction fails and the bank does not return it to your account on time.

UPI payment failed on April 1, 2021

The National Payments Corporation of India (NPCI) said on social media that by the evening of April 1, operations at most banks had returned to normal. Customers started getting uninterrupted IMPS and UPI service. However, many customers complained that they did not get their money back even after their transaction failed.

RBI guidelines

If you are one of those people whose transaction has failed then you should know about the Reserve Bank of India's (RBI) October 2019 guideline, it can solve your problem. A time limit has been fixed for the auto reversal of money under this circular. If the transaction is not settled or reversed within this time limit, the bank will have to pay compensation to the customer. According to the circular, after the expiry of the time limit, compensation at the rate of Rs 100 per day has to be paid.

According to the circular, if the UPI transaction fails and the money is deducted from the customer's account but the money does not reach the beneficiary's account, the auto-reversal should be done within 1 day from the date of the transaction.

Complain can here

You should first complain to the service provider. You have to go to Raise Dispute. File your complaint here. The provider will refund your complaint if it is true. If you do not get a response from the bank despite making a complaint, you can lodge a complaint under the Reserve Bank's Digital Transactions 2019 Ombudsman Scheme.

Stay connected with us @ https://www.gyanguru.co.in/ to get the latest updates.

Note:- Please always double-check and confirm the above details with the official website/advertisement/notification. 

Important Link:

ગુજરાતીમાં ન્યુઝ વાંચવા નીચે આપેલ લિંક પર ક્લિક કરો.👇

Read News in Gujarati: CLICK HERE