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Wrong UPI Payment: RBI has issued new guidelines addressing the concerns related to wrong transactions on UPI. Not ... Read more

New Delhi. Unified Payments Interface (UPI) has come like a revolution in the country. It has completely changed the transaction habits. Sending money from one place to another has become very easy. Money can be sent in a jiffy with just one scan. However, many times people accidentally transfer money to someone else's UPI ID or account. If something like this happens to you too, then there is no need to panic.

Keeping these things in mind, the Reserve Bank of India (RBI) has issued new guidelines addressing the concerns related to wrong transactions on UPI. Under the new rules, if you transfer money to the wrong UPI ID, you can get your money back within 24 to 48 hours. When both the sender and the receiver use the same bank, the refund process is faster. However, if different banks are involved in the transaction, the refund process may take longer.

Contact the recipient of the money
To get your money back, contact the person to whom you have sent the money by mistake. You can request him to send the money back by sending the transaction details to the recipient.

Contact customer support of the UPI app
To report a wrong UPI transaction, talk to the customer support team on the UPI app. Give them the transaction details.

Register a complaint with NPCI
National Payment Corporation of India (NPCI) manages the UPI payment system. In such a situation, if you make a wrong UPI transaction, you can register a complaint with NPCI.

Ask your bank for help
To get your money back, contact the bank from which your money has been deducted. The bank people can help you get your money back.

Complaint by calling on toll free number
In case of wrong transaction through UPI, you can get your money back by talking on toll free number. For this, call on toll free number 1800-120-1740 and register your complaint.