Refund For Failed Bank Transaction: At the beginning of the new financial year, a lot of UPI and IMPS transactions were reported to have failed. According to the Reserve Bank, in the event of a failure of a transaction, the bank has to pay a fine of Rs 100 per day to that customer.
Refund For Failed Bank Transaction: Transactions fail every day in all banks. This time, a lot of UPI and IMPS transactions were reported to have failed at the beginning of the new financial year. Whenever any transaction of a customer fails, the first tension is that how long will he get his money back? There is also the fear that what will happen if the money is not returned? Let’s know the answers to these questions.
What if the money is not returned in due time?
On September 19, 2019, the Reserve Bank of India issued a circular, according to which the bank will have to bear the brunt if your refund does not come within the stipulated time after the failure of a transaction. According to the Reserve Bank, in the event of a failure of a transaction, the bank has to pay a fine of Rs 100 per day to that customer. Due to the provision of this fine, the process of refunding the money of customers to them is done expeditiously on behalf of the banks.
In how many days should the refund be received?
According to the circular, if an IMPS transaction has failed, the refund money will be returned to your account by the next day of the transaction. That is, if you sent money through IMPS to someone and they did not reach his account, then auto reversal should happen by the next day. If the bank is unable to pay the refund till the next day, then in such a case, the customer will have to pay Rs 100-100 as penalty for the number of days he will delay.
If the UPI transaction fails?
There has been a rapid increase in UPI transactions in the last few years. In such a situation, even if the UPI transaction fails, the refund money should come to the customer’s account by the next day of the transaction. That is, the rules are the same in case of IMPS and UPI transactions fail. If there is a delay in refunding money from the bank, then it will have to pay a fine of Rs 100 per day.
What kind of transaction is the settlement time?
- Money was deducted from the account, but if the money is not received from the ATM, then the refund time is up to 5 days after the transaction.
- If money is deducted from card to card transfer, but not reached, refund should be received by the next day of the transaction.
- Money was cut on the e-commerce site, but if the merchant does not get it, then the refund time is up to 5 days after the transaction.
- If the IMPS or UPI transaction fails, a refund should be received by the next day of the transaction.
Where can I complain?
If your transaction fails, first of all you will have to check that in how many days the matter can be settled by your provider ie bank. If the bank is unable to refund the money even during that period then you can complain. If the bank is not able to solve your problem even in a month, then you can proceed with the case under the Ombudsman.
