UPI Payment: Big news UPI users. Transferring money via UPI is usually quick. However, in a rush, errors can occur. The funds may mistakenly go to the wrong ID, which you might only realize later through an SMS notification. Since UPI transactions cannot be reversed, this situation can be quite challenging. So, what can you do about it?
If you have the contact information of the person to whom you accidentally sent the money, reaching out to them can often resolve the issue. They may refund your money through a reverse transfer. But if you lack their details or they refuse to return the funds, it can become complicated.
Notify the bank about the situation
Experts recommend that in such cases, the first step should be to inform your bank. You can do this via the UPI app or through the bank’s customer support. Many UPI applications feature a “Report Issue” option, which can help strengthen your case and be very beneficial later on.
You can also lodge a complaint through the NPCI system
Customers have the option to file complaints through the NPCI system or the BHIM app. Banks typically respond quickly. If you don’t hear back, you can escalate the issue by filing a complaint with the bank. Each bank has a process in place for addressing customer complaints, usually managed by a nodal officer or a senior team.
If the issue remains unresolved after contacting the bank, you can escalate it under the RBI Ombudsman Scheme. However, you will need to submit a new complaint, as this scheme addresses issues according to RBI guidelines. Even then, there is no assurance of a refund.
It’s vital to be careful when transferring money
Experts advise that once money is sent to an incorrect ID, there’s no guarantee of its return. Therefore, it’s essential to be cautious when sending money to someone. Always verify that the ID you are sending money to is accurate. Only hit the payment button after you have double-checked everything.