RBI New Rule to recover money sent to Wrong UPI Address: Many people take the help of UPI to make online payments. However, in a hurry, people often make UPI payments to the wrong place. By following the new rule of RBI, you can get your money back in 5 steps.
UPI Transactions: With the Unified Payments Interface (UPI), users can easily transfer money digitally. However, issues like declined transactions or accidentally sending money to the wrong UPI address can sometimes lead to financial losses. According to the RBI’s new guidelines, if you transfer money to the wrong UPI address, you can expect to get your money back within 24 to 48 hours. If both the payer and payee use the same bank, the refund process will be quicker. However, if the transactions involve different banks, the refund may take longer.
UPI, developed by NPCI, is a fast and secure payment system that allows you to link multiple bank accounts to a single mobile app. With UPI, you can easily transfer money, pay bills, shop online, and more using just your smartphone need for cash or bank details.
Here are 5 Ways to Recover Money Sent to the Wrong UPI Address:
- Contact the Recipient: Reach out to the person who received the funds by mistake and request a refund. Provide them with the necessary transaction details and ask for their cooperation in returning the money.
- Contact UPI App Customer Support: Report the incorrect transaction to the customer support team of your UPI app. Share all relevant information and evidence of the transaction. They can assist in initiating the refund process.
- File a Complaint with NPCI: If you cannot resolve the issue through the app’s customer support, file a complaint with the National Payments Corporation of India (NPCI). Provide them with the transaction details and supporting evidence for further investigation.
- Seek Help from Your Bank: Inform your bank about the erroneous transaction. Provide them with all necessary details and documentation. They can help initiate a chargeback process to recover the transferred funds.
- Call the toll-free numbers: In case of a wrong UPI address transaction, you can call on toll-free number 1800-120-1740.
