If your UPI transaction fails and the money deducted from the account is not returned in due time, then the bank will give you a compensation of 100 rupees daily.
All the government and private banks of the country were closed on the first day of the new financial year i.e. April 1. Due to the closure of the bank, online transactions for transactions increased. During this time, customers had to face difficulty in transferring money through NEFT, IMPS and UPI. Many times the UPI transaction of customers has failed. If your UPI transaction fails and the money deducted from the account is not returned in due time, then the bank will give you a compensation of 100 rupees daily.
Let us know that in September 2019, the Reserve Bank of India (RBI) issued a new circular regarding the failed transaction. Under this, the time frame has been set for auto reversal of money. Within this time frame, the bank will have to pay compensation to the customers if there is no settlement or reversal of the transaction. According to the circular, after the deadline is over, compensation will have to be given at Rs 100 per day.
Auto-reversal in T + 1
According to the circular, if the UPI transaction fails and the money is deducted from the customer’s account, but the money is not credited to the beneficiary account, then the auto-reversal transaction should be completed within T + 1 day.
If your UPI transaction does not return money, then you can complain to the service provider. You have to go to Rage Dispute. Register your complaint on Rage Dispute. The Provider will return the money on getting your complaint correct. If there is no response from the bank despite complaining, then you can complain under the Ombudsman Scheme of Digital Transactions, 2019 of RBI.
5 lakh crore rupees crossed
UPI transactions grew by 19 percent every month and in FY21, transactions worth Rs 5 lakh crore took place. UPI volumes have picked up in the last year due to the increase in QR-based payments across the country.
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