RBI's New Rule - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Wed, 20 Aug 2025 04:14:50 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.2 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png RBI's New Rule - Rightsofemployees.com https://www.rightsofemployees.com 32 32 RBI’s New Rule: Same-Day Cheque Clearance from October 4 https://www.rightsofemployees.com/rbis-new-rule-same-day-cheque-clearance-from-october-4/ Wed, 20 Aug 2025 05:00:39 +0000 https://www.rightsofemployees.com/?p=47931 RBI : If you often deposit cheques in the bank, then this news has brought relief for you. Now the era is about to end when it used to take 2 to 3 days for the cheque to be cleared. The Reserve Bank of India (RBI) has announced a big change in the cheque clearing […]

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]]> RBI : If you often deposit cheques in the bank, then this news has brought relief for you. Now the era is about to end when it used to take 2 to 3 days for the cheque to be cleared.

The Reserve Bank of India (RBI) has announced a big change in the cheque clearing system. From October 2025, the process of cheque clearance will be in real-time. That is, now the money will reach your account in a few hours.

What is the new system?

RBI has formally named this system as Continuous Clearing and Settlement on Realization. In this, the cheque deposited in the bank will be immediately scanned and sent to the clearing house. From there, it will be processed in real-time and the opposite bank will have to verify the payment immediately.

When will it be implemented?

Phase 1: From October 4, 2025. Cheques deposited between 10 am and 4 pm will be processed the same day and the bank must inform about the status of the payment by 7 pm. If the bank does not respond in time, the cheque will be considered automatically accepted and will be settled the same day.

Second phase: From January 3, 2026. This time the process will be further accelerated. The cheque will have to be cleared within 3 hours of depositing it and the money will reach the customer’s account within one hour of successful settlement.

What are the benefits to customers?

The biggest benefit of this change will be for the common customers. Now they will not have to wait for many days to get their own money. Especially traders and those people for whom daily cash flow is important will get a big relief.

It is also beneficial for banks

Not only the customers, but the banks will also get relief from this. Real-time clearance will reduce the settlement risk on them and the entire banking system will be better than before.

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]]> RBI’s New Rule: Here are 5 Ways to Recover Money Sent to the Wrong UPI Address https://www.rightsofemployees.com/rbis-new-rule-here-are-5-ways-to-recover-money-sent-to-the-wrong-upi-address/ Fri, 06 Dec 2024 07:03:37 +0000 https://www.rightsofemployees.com/?p=36424 UPI: There was a time when people used to be afraid of the name of digital payment. However, after the arrival of UPI in the country, there has been a big revolution in the field of digital payment. Crores of UPI transactions are happening every day. UPI has made the transaction system very easy. You […]

The post RBI’s New Rule: Here are 5 Ways to Recover Money Sent to the Wrong UPI Address first appeared on Rightsofemployees.com.

]]> UPI: There was a time when people used to be afraid of the name of digital payment. However, after the arrival of UPI in the country, there has been a big revolution in the field of digital payment.

Crores of UPI transactions are happening every day. UPI has made the transaction system very easy. You can easily make payment by just scanning the QR code at the shops. Today, from a small shopkeeper to big e-commerce companies are connected to the UPI network. UPI has been developed by NPCI. It is a real time payment system. You do not have to pay any kind of fee for making transactions through UPI.

Most of us use UPI for transactions. However, many times in a hurry or carelessness while making transactions, people transfer money to the wrong account through UPI. If you have also transferred money to the wrong person’s account through UPI, then you do not need to worry.

According to RBI guidelines, if you have transferred money to the wrong account, then that money can be refunded to your account within 48 hours.

Here are 5 Ways to Recover Money Sent to the Wrong UPI Address:

  • Contact the Recipient: Reach out to the person who received the funds by mistake and request a refund. Provide them with the necessary transaction details and ask for their cooperation in returning the money.
  • Contact UPI App Customer Support: Report the incorrect transaction to the customer support team of your UPI app. Share all relevant information and evidence of the transaction. They can assist in initiating the refund process.
  • File a Complaint with NPCI: If you cannot resolve the issue through the app’s customer support, file a complaint with the National Payments Corporation of India (NPCI). Provide them with the transaction details and supporting evidence for further investigation.
  • Seek Help from Your Bank: Inform your bank about the erroneous transaction. Provide them with all necessary details and documentation. They can help initiate a chargeback process to recover the transferred funds.
  • Call the toll-free numbers: In case of a wrong UPI address transaction, you can call on toll-free number 1800-120-1740.

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]]> RBI’s New Rule: Your bank account will be automatically debited to replenish FASTag balance https://www.rightsofemployees.com/rbis-new-rule-your-bank-account-will-be-automatically-debited-to-replenish-fastag-balance/ Sat, 24 Aug 2024 07:25:07 +0000 https://www.rightsofemployees.com/?p=32204 Fastag Wallet Rule: Many people forget to recharge their Fastag wallet. Due to which they have to pay double the money at the toll. But now this will not happen, because RBI has solved this problem. Now as soon as the balance in your Fastag wallet falls below the prescribed limit, money will automatically come […]

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]]> Fastag Wallet Rule: Many people forget to recharge their Fastag wallet. Due to which they have to pay double the money at the toll. But now this will not happen, because RBI has solved this problem.

Now as soon as the balance in your Fastag wallet falls below the prescribed limit, money will automatically come from your bank account to your Fastag wallet to fulfill it. Due to this, you will not have to recharge the Fastag wallet again and again.

Now Fastag and NCMC (National Common Mobility Card) have been included in the e-mandate framework. Due to which this facility has become available. That is, now Fastag and National Common Mobility Card users will get rid of the hassle of repeatedly putting money in these two payment instruments. Also, there is a facility of automatic money coming in Fastag. Due to which the hassle of manually putting money in the wallet of Fastag users has stopped. RBI has modified the e-mandate framework and has approved automatic deposit of money in Fastag and National Common Mobility Card (NCMC).

Also Read: FD special profits: These 5 Banks are giving bumper returns on FD, these people are getting special profits

What is Fastag?

This is a kind of sticker or tag which is placed on the window screen of vehicles. It works on Radio Frequency Identification or RFID technology. Through which the cameras installed at the toll plaza will scan the bar code of the sticker and the toll fee will be automatically deducted from the Fastag wallet. By using this, the driver will not have to stop to pay the toll tax.

What is e-Mandate Framework?

It was introduced in the year 2019. Its purpose is to protect the customers. Also, to inform the customers about the debit coming in their account. Under the e-mandate framework, it is necessary to inform the customer at least 24 hours before withdrawing the money. E-mandate means electronic approval for payment, payment from the customer’s account at a fixed time for fixed period facilities like daily, weekly, monthly etc. For this mechanism, the user has to give permission to debit money once through e-mandate.

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]]> RBI’s New Rule On How To Recover Money Sent To Wrong UPI Address https://www.rightsofemployees.com/rbis-new-rule-on-how-to-recover-money-sent-to-wrong-upi-address/ Wed, 21 Aug 2024 07:15:37 +0000 https://www.rightsofemployees.com/?p=32071 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. […]

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]]> 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.

Also Read: Airport New Service: People of this state will get this special facility at Delhi airport

Here are 5 Ways to Recover Money Sent to the Wrong UPI Address:

  • Contact the Recipient: Reach out to the person who received the funds by mistake and request a refund. Provide them with the necessary transaction details and ask for their cooperation in returning the money.
  • Contact UPI App Customer Support: Report the incorrect transaction to the customer support team of your UPI app. Share all relevant information and evidence of the transaction. They can assist in initiating the refund process.
  • File a Complaint with NPCI: If you cannot resolve the issue through the app’s customer support, file a complaint with the National Payments Corporation of India (NPCI). Provide them with the transaction details and supporting evidence for further investigation.
  • Seek Help from Your Bank: Inform your bank about the erroneous transaction. Provide them with all necessary details and documentation. They can help initiate a chargeback process to recover the transferred funds.
  • Call the toll-free numbers: In case of a wrong UPI address transaction, you can call on toll-free number 1800-120-1740.

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