RBI New Rules For UPI Payment: In the digital world, users can easily transfer money or make payments with the help of the Unified Payments Interface (UPI). However, problems such as declined transactions or accidentally sending money to the wrong UPI address can occasionally result in financial losses.
Taking on this note, the Reserve Bank of India (RBI) has released new guidelines addressing concerns over erroneous transactions on the Unified Payments Interface (UPI).
Under the new regulations, you can expect to get your money back within 24 to 48 hours if you transfer money to the wrong UPI address. The refund process is quicker when both the payer and payee use the same bank. However, if the transaction involves different banks, it may take longer to process the refund.
UPI is a widely used digital payment system that lets users link multiple bank accounts to a single mobile app. It enables effortless money transfers, bill payments, and online shopping via smartphones, eliminating the need for cash or sharing bank details. Notably, UPI was developed by the National Payments Corporation of India (NPCI).
How To Recover Money Sent To Wrong UPI Address:
Contact the Recipient:
Reach out to the person who mistakenly received the funds and request a refund. Provide the necessary transaction details and ask for their cooperation in returning the money.
Contact UPI App Customer Support:
Report the incorrect transaction to your UPI app’s customer support team. Share all relevant information and transaction evidence, and they can assist in initiating the refund process.
File a Complaint with NPCI:
If the issue isn’t resolved through the app’s customer support, file a complaint with the National Payments Corporation of India (NPCI). Provide transaction details and supporting evidence for further investigation.
Seek Help from Your Bank:
Notify your bank about the erroneous transaction. Provide all necessary details and documentation, and they can help initiate a chargeback process to recover the funds.
Call the toll-free numbers:
For wrong UPI address transactions, you can call the toll-free number 1800-120-1740 for assistance.