Money delivered over UPI to the incorrect account: UPI Wrong Payment? Refund will be made; according per RBI's statement

 Money delivered over UPI to the incorrect account: UPI Wrong Payment? Refund will be made; according per RBI's statement

UPI Payment: What should you do if you accidentally transferred money to the incorrect account while rushing to send it? Remain calm. Refunds are an option available to you. You're free to grumble about it.

UPI Payment: Online banking has made a lot of things easier. In particular, the age of transactions in mere seconds has arrived with UPI payment. made the payment by clicking on a website or scanning a simple QR code. However, even with so many amenities, issues might still develop from the occasional misstep. For instance, there may be an information gap or an incorrect account number; in these cases, issues come up for you. What can you do now if you accidentally sent money to the incorrect account while rushing? Remain calm. Refunds are an option available to you. You're free to grumble about it.

What happens if funds are sent to the incorrect account?

To start with, if you made a transaction using an app like Paytm, GPay, or PhonePe, you may contact customer care via the app to get help. You may give your bank's hotline a call.

Keep the phone message you got informing you that money is being withheld.

To get a refund, the information in this message is necessary.

According to the RBI's instructions, you may file a complaint by going to bankingombudsman.rbi.org.in if money is sent to the incorrect account.

Additionally, you will need to apply for this at the bank, where you will need to provide the account number where the money disappeared as well as your bank credentials.

A formal complaint may also be filed.

You may file a complaint against the beneficiary via the NPCI website if you believe that person is the incorrect one and he is not willing to refund the funds.

The NPCI website's complaint procedure

Initially, visit the NPCI website. Here, choose the Dispute Redressal Mechanism option, and the Transaction tab will appear below. Enlarge it.

Details like the kind of transaction, issue, transaction ID, bank, amount, date of transaction, email address, and mobile number must be entered here.

Insert your bank statement and press the "Submit" button.