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We often face issues related to the transfer of money via IMPS, NEFT or UPI. Sometimes, the cause behind a failed transaction can be loss of Internet connectivity, server issues or other technical glitch. On April 1, banks were shut and several customers faced issues while transferring money.
If you have faced same issues, here we address some of the common queries:
When will you get the refund?
As per an RBI circular, dated September 19, 2019, if the amount has been debited from your account in case of IMPS transactions and hasn’t been credited to the beneficiary’s account immediately, it will be reversed to your account by the end of the next working day, i.e., transaction date plus one more day. In case the amount hasn’t reflected back in your account in the prescribed time, the bank is liable to pay a penalty of ₹100. The same applies to the UPI transactions.
What to do if the amount is not credited back to the customer’s account?
If your service provider fails to act within the prescribed time limit then the customer has full rights to file a complaint against the bank. A customer can also reach out to the Ombudsman of his area if the request is not resolved within a month. The Reserve Bank of India has also issued different settlement periods and the penalty you are entitled to if your bank fails to act within the prescribed settlement period.
— In the case of card to card transactions, the amount should be credited back to the beneficiary’s account by the end of the next working day. Beyond that, the bank is liable to pay a penalty of Rs 100. The same applies to UPI transactions. Also, the same applies if in case two different banks are involved.
— If the amount has been debited from your account but failed to reach the merchant’s account, the amount shall reflect back within five days. Your service provider is liable to pay Rs 100 in case of failure. The same applies to transactions on an e-commerce website.
— While using ATMs, if your amount gets debited from your account but the machine fails to disperse the cash, the auto reversal shall happen within five days from the date of transaction. Your bank is liable to pay a penalty of Rs 100 in case of delay.