Wrong UPI Transaction, how to get your money back with easy steps : Understanding the Causes, Consequences, and Remedies in 2023-24

Introduction & Overview:

In the Digital Era You all used to send money to someone online with the help of UPI like Phone-Pay, Google-Pay, Paytm etc. Although UPI is a secure payment system, but due to Wrong UPI transaction one can lead to financial loss.  Scanning or putting the wrong UPI ID and sending money to wrong bank account is one of the experiences that you may have faced. Most of us feel panic in such situations but according to the RBI, Reserve Bank of India, One can get his or her amount by taking the right steps.

What is UPI?

Unified Payments Interface (UPI) has been termed as the revolutionary product in the payment system. This is a real-time payment system where funds are credited instantly on a real-time basis. make fund transfers without having to provide IFSC code or account number.

What You Can Do If  Transferred the Money to Wrong UPI Id?

Although the Unified Payments Interface, or UPI, applications have emerged as one of the most preferred payment modes in the country, but if you might enter the wrong information or wrong mobile number and transfer the money to the wrong UPI id. For such cases, the Reserve Bank of India (RBI) has issued specific guidelines where one can retrieve money from unintentional transactions through digital services.

Wrong UPI Transaction

Wrong UPI Transaction Complaint:

  1.    Report the incident to the customer service of applications like Google Pay, Paytm and Phone-Pe, and request a refund.
  2.   File a complaint at the NPCI portal (npci.org.in).
  • On the homepage of Website, click on the section that reads, “What we do.”
  • Under the ‘What we do’ section, click on the UPI option.
  • Now select the ‘Dispute Redressal Mechanism’ option.
  • Under the complaint section, fill in all your transaction details such as UPI transaction ID, virtual payment address, the amount transferred, date of transaction, email ID, and mobile number etc.
  • Choose “Incorrectly transferred to another account” as the reason for the complaint.
  • Now, submit your complaint.

Note:   You can be asked to upload the bank statement, which shows the amount deducted from the Your bank account for the specific transaction.  

  1.    If matter remains unresolved, the complainant can escalate the query with the payment service provider (PSP) bank. If the problem remains unsolved then customer can approach the Banking Ombudsman.

Know More about NPCI

                National Payments Corporation of India (NPCI), is an organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.It has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.

For Official Website and customer care details click here

wrong upi transaction
wrong upi transaction

Complaint to Banking Ombudsman

 After 30 days, if payment system or PSP banks fail to resolve the issue related to payment transactions through UPI, Bharat QR code, and others then customer can complaint to banking ombudsman. As per RBI, One can file a complaint with the Ombudsman by writing on a plain paper and sending it to the concerned office of the Ombudsman by post/fax/hand/delivery or by email.

Who is Ombudsman?

The Ombudsman for Digital Transactions is a senior official appointed by the Reserve Bank of India to redress customer complaints against System Participants as defined in the Scheme for deficiency in certain services covered under the grounds of complaint specified under Clause 8 of the Scheme

Conclusion on Wrong UPI Transaction:

            If the Wrong UPI transaction has been done then Remitter should also give written request to the branch manager of the bank in which money has been wrongly sent. After checking the transaction details, the branch manager can request to bank account holder to refund the wrongly credited fund, if the account holder agrees to refund the money, then you get your refund. For any queries or complaints regarding UPI One can call BHIM Toll-Free Number 18001201740 or helpline number 022- 45414740. 


Knowledge Booster Facts

Voice Payment Facility will soon be available on UPI, Freedom from entering PIN

Yes, you heard it right, based on the report/decision of the Monetary Policy Committee, a proposal is being prepared by RBI to introduce negotiated payment facility. As soon as it is implemented, you will get U.P.I. There will be no need to enter PIN again and again for payment. Efforts are being made to link UPI with artificial intelligence(A.I), so that the robot can work on the instructions of the user. As soon as its proposal is prepared, RBI will soon give necessary instructions to NPCI, UPI has been developed by NPCI itself, as well as it is being operated.

Credit Line On UPI

Under the credit line facility, if there is no money in the account, you can make payments up to the limit of the loan determined by the bank. The loan limit is approved by the bank. For example, you have taken a credit line of 10,000 rupees through the bank. After that, if there is no money in your account, you can spend up to 10,000 rupees using UPI. The bank will charge interest only on the amount you spend

Credit Line On UPI
Credit Line On UPI
How will the repayment of the borrowed money through UPI credit line work?

Currently, this service has been introduced by private sector ICICI Bank. The bank has stated that to avail the UPI credit line facility, you will need to apply for it through the bank’s app or the phone banking facility. You can also make payments through queries if there is a low balance in your account. However, the borrowed money must be repaid within three, six, or nine months.

UPI Transaction Limit Per Day Phonepe

On Daily basis You can do 20 transactions through UPI, also if you need to do more than 20 transactions then you will have to wait for at least 24 hours, after that you can start the transaction again. Apart from the above, you can make a transaction of Rs 01 lakh in a day, it means the maximum transaction limit through UPI is Rs 01 lakh.

Tax on UPI Transaction

You will have to pay tax on a single transaction of Rs 50000 or above through UPI. Tax will be levied as per the relevant sections of the Income Tax Act 1961. This happens because transactions of Rs 50,000 or more are considered as gifts. Yes, if you have provided PAN number and other necessary steps in your transaction, then you have nothing to worry about. Let us tell you that Every Transaction of Yours is closely monitored by the I.T. Department.

 

FAQ (Frequently Asked Questions) on Wrong UPI Transaction

Can I get my money immediately if sent to wrong UPI?

If the person whose account is being credited, is agrees to send money back to you.

How to check whether I am sending money to right person?

Always check the Name while Scanning the QR Code, then enter the Amount and Payment PIN.

What is the Chances of getting money back if sent unintentionally?

100%, if you follow above mentioned steps and your transaction has happened by mistake and payment made to wrong UPI.

What is RBI Ruling, if Payment Receiver Person denied to return the money?

A Case can be filed against that person, if his account gets credited wrongly and he is not ready to return.

If UPI Transaction get failed and money debited to your account?

Money will be refunded in your bank account within 2-4 business days, if then too problem persist then contact your bank.

How much loan can be taken through UPI credit line?

The bank determines the loan limit based on your profile under the UPI credit line facility. Therefore, this limit can vary for each individual.

Which Bank Introduced Credit Line Facility on UPI?

ICICI Bank.


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