• About Us
  • Add Post
  • Contact
  • Contribute For Us
  • Homepage
  • Our Authors
  • Privacy Policy
What's Hot

On today in 2012: England boss Fabio Capello resigns over captaincy choice

February 8, 2023

CASE Mobility Grand Start-up Challenge Finale held at Hyderabad E-Mobility Week

February 8, 2023

Mestia highland airport to get pleasure from upgraded infrastructure

February 8, 2023
What's Hot

On today in 2012: England boss Fabio Capello resigns over captaincy choice

February 8, 2023

CASE Mobility Grand Start-up Challenge Finale held at Hyderabad E-Mobility Week

February 8, 2023

Mestia highland airport to get pleasure from upgraded infrastructure

February 8, 2023
Facebook Twitter Instagram
  • About Us
  • Contact
  • Add Post
  • Contribute For Us
  • Privacy Policy
  • Our Authors
Facebook Twitter LinkedIn
BusinessLendBusinessLend
  • NEWS
  • BUSINESS
  • AUTO
  • TECH
  • MONEY
  • STARTUP
  • SUCCESS STORIES
  • OTHER
    • Press Release
    • OPINION
Subscribe
BusinessLendBusinessLend
Home»NEWS»UPI transaction fails, bank will pay Rs 100 damages daily, complain here
NEWS

UPI transaction fails, bank will pay Rs 100 damages daily, complain here

Bhagyashree SoniBy Bhagyashree SoniApril 6, 2021No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
UPI transaction fails, bank will pay Rs 100 damages daily, complain here
Share
Facebook Twitter LinkedIn Pinterest Email

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.

UPI transaction

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.

Complain here

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.

read this also- Withdraw money from ATMs of these big banks including SBI without debit card, this is the whole way

read this also- Open these accounts in the post office or bank for just 500 rupees, even the court will not be able to seize the money deposited in it.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Bhagyashree Soni
  • Facebook

Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.

Related Posts

Mestia highland airport to get pleasure from upgraded infrastructure

February 8, 2023

Iranian foreign money charges for February 8

February 8, 2023
Add A Comment

Comments are closed.

Advertisement
Editors Picks

Why Apple’s most baffling choices aren’t as loopy as they appear

January 4, 2023

Event devoted to Nizami Ganjavi's work takes place at ADA University in Baku

October 27, 2022

Foreign individuals of International Media Forum go to Heydar Aliyev Center in Baku (PHOTO)

July 21, 2022

Andy Bell to step down from his funding platform after 27 years

June 17, 2022
Advertisement
Latest Posts

On today in 2012: England boss Fabio Capello resigns over captaincy choice

February 8, 2023

CASE Mobility Grand Start-up Challenge Finale held at Hyderabad E-Mobility Week

February 8, 2023

Mestia highland airport to get pleasure from upgraded infrastructure

February 8, 2023

Business Lend is a platform which brings executives officers, entrepreneurs, and venture capitalist together from different sectors. We keep on connecting with our users with the help of our monthly edition carving our way slowly towards the highest readership.

Facebook Twitter Instagram LinkedIn
Must Read
  • On today in 2012: England boss Fabio Capello resigns over captaincy choice February 8, 2023
  • CASE Mobility Grand Start-up Challenge Finale held at Hyderabad E-Mobility Week February 8, 2023
  • Mestia highland airport to get pleasure from upgraded infrastructure February 8, 2023

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

© 2023 BusinessLend. Designed by ThemeSphere.
  • About Us
  • Contact
  • Add Post
  • Contribute For Us
  • Privacy Policy
  • Our Authors

Type above and press Enter to search. Press Esc to cancel.