New Delhi: Accidentally sending money to the wrong bank account through a mobile number linked to the unified payment interface (UPI) is a common frustration experienced by many. At such times, the immediate concern revolves around recovering funds transferred in error. However, navigating the process to rectify this error can be challenging for people who are unsure about the appropriate steps to take.
To recover funds sent to the unintended recipient, it is essential to prove that the transfer was unintentional. Once this is verified, the responsibility falls on the bank to reverse the transaction. (Also Read: PM announces Surya Ghar Muft Bijli Yojana to give 300 units of free electricity every month to 1 crore households)
The Reserve Bank of India’s Digital Transactions Ombudsman Scheme Regulation 8, 2019 specifies that if the bank does not reverse the transfer, a complaint can be lodged with the Ombudsman. (Also Read: Business Success Story: How to Make Mamaearth a Household Name, Ghazal Alagh’s Journey)
Reporting the issue to the bank immediately, providing details of the transaction and account numbers involved, is essential for quick resolution. It is also recommended to try to contact the unwanted recipient to request the return of funds, although success is not guaranteed.
Steps to use NPCI assistance to recover funds transferred in error.
If an incorrect transaction was made using UPI, people can seek help from NPCI’s dispute redressal mechanism. They must visit the NPCI website and follow the steps outlined, which include selecting the nature of the transaction and filing a complaint. Here is a simplified guide:
Step 1: Visit this link
Step 2: Click on the ‘complaint’ box and choose the nature of the transaction from the drop-down menu. For example, if money was mistakenly transferred to the wrong recipient, select “Person to Person” as the transaction type and “Incorrectly transferred to another account” as the issue.
The National Payments Corporation of India (NPCI) provides valuable assistance to people seeking to resolve issues related to erroneous transactions. Through its escalation levels, including the option to lodge complaints with both the bank and NPCI, and the ability to seek intervention from the banking ombudsman if necessary, individuals have avenues for quick resolution.