What to do if money gets transferred to another account by mistake while making payment through UPI (Unified Payments Interface) or Internet Banking? Many times, by entering wrong UPI ID or bank account number in a hurry, money gets transferred to the wrong account. But, there is no need to panic. According to the guidelines of the Reserve Bank of India (RBI), the bank has to start the refund process within 48 hours. Let’s know what is the way to get the money back?

What to do if money goes to the wrong account?

If you have sent money to a wrong account through UPI, Internet Banking, IMPS or NEFT, then you have to follow some steps immediately.

• Contact the customer care of the bank immediately.
• Call your bank’s toll-free number or customer service centre.
• Provide transaction details, transaction reference number (UTR number), date and wrong account information.
• Register a complaint through UPI app or bank branch
• If payment has been made through PhonePe, Google Pay, Paytm or BHIM UPI, then go to the app and complain through the “Help” section.
• Go to the bank branch and lodge a written complaint and fill the form.
• File a complaint with the Banking Ombudsman of RBI.
• If the bank does not help you, file an online complaint by visiting bankingombudsman.rbi.org.in.
• In your complaint, provide transaction details, name of the bank and the type of complaint lodged.

RBI Guidelines: When will you get the refund?

• The bank will have to take action on the customer’s complaint within 48 hours.
• If the account with the erroneous transaction does not exist then the money will be automatically reversed.
• If the money has gone into another customer’s account, the bank will have to take permission from that customer first.

Necessary precautions to get money back

• After payment through UPI or Net Banking, save the SMS and transaction details.
• While making UPI payment, double check the account number and UPI ID.
• In case of wrong payment, immediately contact the bank and UPI support.

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In today’s time, we use UPI for payment of every small item. UPI proves to be very helpful in our daily life. Digital payment is very popular in India. UPI has become the most used tool. Along with being easy for payment, UPI is also easy for fraudsters to carry out fraud.

But did this question come to your mind that how much payment can we make through UPI. What is the payment limit? Let us know what is the last limit for payment in RBI guidelines?

RBI has increased the tax rate on transactions done through UPI from 1 lakh to 5 lakh. In this, property tax, advance tax and individual income tax payers can pay up to 5 lakh rupees in a single transaction. And property tax, advance tax and individual income tax payers can pay up to 5 lakh rupees in a single transaction. The limit for making payment to any person is only 1 lakh rupees.

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If you have an account in Punjab National Bank, then this news is for you. Nearly 3.25 lakh account holders of the government bank Punjab National Bank have not yet updated their KYC. Such account holders have been given time till August 12 to update their KYC. If they do not complete this work by the last date, then the operation of their account can be stopped. Know here how to update KYC.

In fact, following the guidelines of RBI, all banks are getting their account holders to update their KYC. PNB has about 3.25 lakh account holders who did not update their accounts till 31st March. They have been given time by the bank to update their KYC till 12th August. If they do not do so by the stipulated date, then they may face difficulties.

Important Announcement. Please take a note.#KYC #bankaccount #ImportantNotice #banking #PNB pic.twitter.com/FJgIuoiktO

— Punjab National Bank (@pnbindia) August 2, 2024

In this case, Punjab National Bank has clarified that these guidelines are applicable only for those people who have not updated their KYC till 31st March. If they do so in time, their accounts will continue to function smoothly. Otherwise, their account will become inactive. In such a situation, they will not be able to withdraw their money from their account. They will not be able to take a loan from that account. However, they can deposit money in that account.

How will KYC be updated

To update KYC, bank customers can get their KYC done in person by visiting the nearest branch. In such a case, they will need necessary documents like identity proof, address proof, latest photo, PAN card, income source etc., carry them with you. Apart from this, if you want, you can also do this by sending an application through PNB One, Internet Banking Services (IBS), registered email/post.

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The Reserve Bank of India (RBI) has made it mandatory for banks to provide ‘key fact statement’ (KFS-key fact statement) including interest and other terms to borrowers for all retail and MSME (Micro, Small and Medium Enterprises) loans. It was decided to do so on Thursday. At present, KFS is mandatory in respect of loans given by commercial banks to personal loan borrowers, digital loans by RBI regulated entities (RE) and micro finance loans.

What did Governor Shaktikanta Das say?

Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the central bank has recently announced a number of measures to promote greater transparency and disclosure by REs in pricing of loans and other charges levied on customers. One such measure is to require lenders to provide their borrowers with a KFS containing key information regarding the loan agreement in a simple and easy to understand format. “It has been decided to make it mandatory for all REs to provide KFS to borrowers for all retail and MSME loans,” the governor said. Das said important information about the terms of the loan agreement including all-inclusive interest cost. Providing this will greatly help the borrowers in making an informed decision.

RBI also announced an important step regarding hedging of gold price risk in the over-the-counter (OTC) market at the International Financial Services Center (IFSC), GIFT City, Gandhinagar. To protect resident institutions from gold price risk, they were allowed access to IFSC recognized exchanges in December 2022. Das said that this decision has been taken to avoid fluctuations in the price of gold in the OTC segment in IFSC. The Central Bank will issue related instructions separately.

Announcement on regulation of electronic trading platform also

Meanwhile, RBI also announced a review of the regulatory framework for electronic trading platforms (ETPs). Governor Das said that over the last few years, there has been increased integration of the ‘onshore forex’ market with the ‘offshore’ market, significant evolution in the technology landscape and increased product diversity.

Market makers have also requested access to offshore ETPs offering permitted Indian Rupee (INR) products. Das also announced RBI’s intention to enhance the security features of the Aadhaar Enabled Payment System (AEPS), which was used by 37 crore people in 2023.

“To enhance the security of AEPS transactions, it is proposed to streamline the ‘onboarding’ process including mandatory due diligence for the ‘AEPS Touch Point Operator’ to be followed by banks,” Das said. Instructions will be issued soon. Currently, Das said, lenders are using the SMS method to comply with additional factor authentication requirements, but advances in technology have opened up new means.

“To facilitate the use of such mechanisms for digital security, it is proposed to adopt a framework for principle-based authentication of digital payment transactions,” he said.

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RBI has asked banks to trace the customers or their nominees or legal heirs of accounts with inoperative accounts and unclaimed deposits and either reactivate the account or settle the claim. The bank has also said that such accounts should be reviewed at regular intervals, because there is a risk of fraud in such accounts. These new rules will come into effect from April 1, 2024.

How will customers benefit?

Reserve Bank has issued a new rule on non-operative or closed bank accounts, let us know how this can benefit the customers.

According to RBI guidelines, banks will always have to keep paying interest on inactive savings accounts.

– Minimum balance penalty will not be imposed on inactive bank accounts.

Even if there is zero balance in government scheme accounts, they will not be considered inactive.

RBI gave instructions to banks

– Owners of inactive accounts should be found by sending e-mail, SMS.

– KYC should be easy, the account should be started again as soon as KYC is done in the inactive account.

The bank should not charge the customer for re-opening the account.

The bank will have to activate the accounts within three days of receiving the application.

– Alert should be sent to the customers that if the transaction is not done then the account will be deactivated.

– After re-activation of inactive accounts, they should be monitored for 6 months.

– Banks will put a system for searching unclaimed deposits on their website.

– Banks will not be able to withdraw money from inactive savings accounts.

– Information about inactive accounts and unclaimed deposits will have to be kept safe.

Let us tell you that there is a rule that in any bank, in any deposit account in which no operation has been done for 10 years or more, or there is unclaimed deposit lying in the account for this period of 10 years or more, then this deposit The bank should send it to the Depositor Education and Awareness Fund, which is run by RBI.

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PNB KYC Updating

PNB has issued a press release on December 7 saying that it has asked its customers to update their KYC (Know Your Customer) details as soon as possible, otherwise their account may be closed. For this, the last date given by the bank is December 18, 2023.

KYC Updation

PNB has said that as per RBI guidelines, KYC updation is mandatory for all customers. If your account has not been KYCed by September 30, 2023, then you have to update your details before December 18, 2023 through PNB ONE/Internet Banking Service (IBS)/registered e-mail/post or by visiting the bank in person. If your account is not updated, the operation of your account may be stopped.”

Important Announcement!

Please take a note!#Announcement #KYC #PNB #Digital #Banking pic.twitter.com/g0C3sRGEGs

— Punjab National Bank (@pnbindia) December 5, 2023

What details are to be given for KYC?

Punjab National Bank has said that customers will have to provide ID proof, address proof, recently taken photo, PAN, income proof, mobile number etc. for KYC.

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The bank has told that if the KYC update of your bank account is due from September 30, 2023, then you can easily update the KYC by visiting any branch of the bank till December 18, 2023. Apart from this, KYC is being updated in the bank account through PNB One App, IBS, email and post.

KYC mandatory

The bank posted on its official social media handle that as per RBI guidelines, it is mandatory for all customers to update KYC. If any customer is due to update the KYC of your account from September 30, 2023, then before December 18, you can update your KYC through any branch or mobile app PNB One, IBS, post and registered e-mail etc. It was also told that if KYC is not updated then the transactions in the account may be affected.

Documents to get KYC done

According to the PNB website, you can use the government documents given below to get the KYC of an individual account done.

• Passport
• PAN card
• Voter ID
• driving license
• NREGA job card
• Aadhar card

Apart from this, electricity bill, telephone bill, water bill, postpaid mobile bill, water bill and gas bill can be used.

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Public sector State Bank of India (SBI Bank), private sector ICICI Bank (ICICI Bank) and HDFC Bank (HDFC Bank) have been described as important banks in the banks that play an important role in SIB.

Know what RBI said

According to media reports, RBI said that, 3 major important banks have been included in (D-SIB) in the domestic system of the country. Important banks in the domestic system are those banks which are too big to fail and are called ‘too big to fail (TBTF)’. Under the concept of TBTF, it is expected that the government supports these banks in times of crisis. Therefore, some special benefits have also been given to these banks in the financing market.

decided on the basis of criteria

RBI says that, “SBI, ICICI Bank and HDFC Bank were included on the basis of the criteria for the list of D-SIBs of 2021.” Since then they have remained in the list of very important banks in the domestic system. It is known that RBI had declared SBI and ICICI Bank as D-SIBs in the year 2015 and 2016.

HDFC was included in this category on the basis of data collection till March 31, 2017. It has been added recently on the basis of data received from banks till 31 March 2022. The framework for determining the D-SIB was released in July 2014. Under this, RBI has to disclose the names of banks declared as D-SIBs.

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have been included in the tokenization by RBI. That is, this rule will be applicable on the payment made from all these things. Only a few days are left for tokenization. Earlier this rule was to be effective from July 1, but the RBI extended its date to September 30. If there is no change in these rules this time, then the rule of tokenization will be applicable from October 1. 

Know what is tokenization

When you process a card payment anywhere, that merchant platform saves your card details such as your card number, CVV, expiry date etc. on its database for an easy and fast payment experience. This has been happening till now, but it is not a safe practice in terms of your financial security. If the data of that website / platform / merchant is hacked, then your data can also be leaked. 

That is why RBI has introduced the option of card tokenization. After tokenization, a token will be generated for the transaction through the card. These tokens will allow payment to be made without disclosing customer details. After this the merchant will not be able to save your card details as you must have already generated the token for your card. Only your generated token will be given to the merchant.

Customers will get such benefit

• You will get rid of entering card details while making online payment. The option of tokenization will be available to every customer for his convenience. If you choose the option of tokenization, then you will have to enter only CVV and OTP.
• Customers shall have the right to register and de-register themselves for any of the services such as contactless, QR code or in-app purchases
• One card can be used for multiple merchants and multiple cards can be used for one merchant. 
• Tokenization gives you the same payment experience as before, but it is much more secure and convenient.

How will tokenization happen?

To do debit-credit card tokenization, whenever you go shopping from your favorite website or app, you have to choose the option of tokenization. After starting the payment transaction process, you will have to provide the details of your debit or credit, in whichever mode you are making the payment. After this click on Secure your card or Save card edge by doing RBI guidelines (Save card as per RBI guidelines). 

After this, here you will have to give your approval to make a token of the card. Then you will get an OTP on your registered mobile number or email, after entering it your token will be generated. Now your token is ready and after the transaction process is over, this token will be saved with the merchant instead of your card details and your data will be safe.

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The bank has appealed to the customers to update KYC. The bank has said by tweeting that all customers should get KYC done by 31 August 2022.

For the past several months, the bank has been appealing to its customers to update KYC (know your customer). By doing KYC, the bank account of the customers will be active otherwise the customer will not be able to transfer the funds.

It is necessary to update the KYC written in the tweet

Punjab National Bank tweeted, “As per RBI guidelines, KYC updation is mandatory for all customers. In case your account remains pending for KYC updation by 31.03.2022, you are requested to contact your parent branch for updating your KYC before 31.08.2022. Non-updation may result in ban on your account transactions.

That’s why it is necessary to get KYC done

Let us tell you that the full form of KYC is Know Your Customer. Actually, KYC is a document giving information about a customer. Under this, customers write all the necessary information about themselves. In the field of banking, every 6 months or 1 year, the bank has to fill the KYC form from its customers.

In this KYC form, you have to fill your name, bank account number, PAN card number, Aadhar card number, mobile number and complete address. In this way the bank gets all the information of the customer. KYC is very easy to do. You can easily do it sitting at home.

If you want to get it done by going to the bank, you can also do it. For this, first you go to the branch of the bank in which you have your bank account. Go there and take the KYC form from the concerned desk and submit it after filling that form and attaching all the necessary documents in it. Your KYC is updated within 3 days of submission of KYC form.

You can do KYC sitting at home through OTP

If you want to do KYC sitting at home, you can also do it. For this you can e-mail your document bank. Or you can also complete KYC by asking for OTP on mobile through Aadhaar. Many banks also provide KYC facility through net banking. If your bank is also providing this facility and you do net banking, then you can easily complete KYC sitting at home.

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