For example, many banks

are going to change savings account and fixed deposit (FD) interest rates. Now the interest rates will be decided based on the amount deposited in the account. Customers holding a large amount are likely to get higher interest.

Changes related to credit cards

SBI, IDFC First Bank are changing their credit card policies. SBI card reward points are going to be reduced on some transactions. SimplyClick SBI cardholders can now get 5X reward points on Swiggy. Earlier it was 10X. Air India SBI Credit Card 4 Air India SBI Platinum Credit Card will now offer 5 reward points for every Rs 100 spent on Air India ticket bookings. Currently you get 15 reward points. Similarly, Air India SBI Signature Credit Card users will get 10 points for every Rs 100 spent, up from 30 points at present.

As for IDFC First Bank credit cards, milestone rewards for Club Vistara credit card holders will be discontinued from March 31. Club Vistara Silver membership will no longer be available. Apart from this, complimentary vouchers like premium economy tickets and class upgrade vouchers will also be discontinued. The bank will waive the annual fee for one year for customers renewing their credit cards from March 31. But major travel benefits will not be available.

New rule for urban cooperative banks

From April 1, urban cooperative banks will have to allocate 60 percent of their loans to priority sectors. In addition, more women will be eligible for loans.

These UPI accounts will be closed

UPI IDs associated with mobile numbers registered with the bank that have not been active for a long time will be deactivated. You will be able to access UPI services from such numbers only after the mobile number is reactivated. As per the guidelines of the Department of Telecommunications (DoT), if your mobile number has been cancelled or surrendered, banks or UPI apps can remove it from their records. NPCI said that several technical issues and cases of fraud are increasing due to cancelled/surrendered mobile numbers.

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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.

Contact the recipient of the money

To get your money back, you can contact the person to whom you have sent the money by mistake. You can request the recipient to send you the money back by sending him the transaction details.

Contact customer support of the UPI app

To report a wrong UPI transaction, talk to the customer support team on the UPI app. Give them the transaction details.

Register a complaint with NPCI

The National Payment Corporation of India (NPCI) manages the UPI payment system. In such a situation, you can register a complaint with NPCI in case of wrong UPI transaction.

Ask for help from your bank

To get your money back, contact the bank from which your money has been deducted. The bank people can help you get your money back.

Complain by calling on toll free number

If you make a wrong transaction through UPI, you can get your money back by talking on the toll free number. For this, call on toll free number 1800-120-1740 and register your complaint.

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Banks will remove many mobile numbers

The National Payments Corporation of India has directed banks to delete mobile numbers that have been issued to someone else or have been closed from April 1, 2025. So that UPI transactions can be made more secure and wrong transactions can be prevented.

System updates will be mandatory from now on

To prevent fraudulent UPI transactions, NPCI has asked banks and UPI payment service providers to update their systems at regular intervals. This decision was taken in the NPCI meeting held on 16 July 2024, which will now be effective from 1 April 2025.

An updated list of mobile numbers will be generated every week by banks and UPI payment service providers to prevent failed or incorrect transactions.

Users will have to pay attention.

Mobile numbers will be updated only after the consent of the users. This option to give consent will be available only through the UPI app. If consent is not given by the user and the mobile number is not updated, then no UPI transactions will be possible through that mobile number.

Banks and UPI apps will have to follow these rules

From April 1, 2025, banks and UPI apps will have to submit reports to NPCI every month. In which information will have to be given about the number of UPI IDs linked to mobile numbers, number of active users, number of UPI based transactions.

UPI transactions will be more secure

These changes are being made to make the UPI facility more secure for customers. If you want to continue using UPI apps linked to your mobile number with ease, keep them updated.

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UPI has made everything very easy and fast. By scanning the QR in a moment, your money is transferred (UPI Transfer) and payment is done with complete security. However, many times people mistakenly send money to someone else’s account. After that we are worried as to how we will get our money back.

If something like this happens to you too then there is no need to panic. We are giving some such tips. Through which you can easily get your money back. For this, you can complain by calling the service call center of the bank. Apart from this, you can also lodge a complaint online on NPCI portal.

What to do when UPI payment goes wrong

As soon as an incorrect UPI payment is made, the first thing to do is call the customer service center of the bank. If you want, you can also contact the UPI service provider. Complaint can also be made by calling toll free number 18001201740. In which complete information about payment will have to be given.

RBI had also informed people about this. According to RBI rules, you can get refund quickly by first informing your payment service provider about the wrong payment. You will have to inform about the matter by calling the customer care support of GPay, PhonePe, Paytm or UPI app.

Complain on NPCI portal

If you do not get help from customer service then you can complain on NPCI portal. For this follow the steps given below. First of all go to the official website of NPCI. Then click on Get in touch. After this enter all the requested information. In this, all the information like name, email ID will have to be filled.

After submitting this, select Dispute Redressal Mechanism if the fire increases. Enter the transaction details under the complaint section. Which will include UPI transaction ID, virtual payment address, amount transferred, date of transaction, email ID and mobile number. Where the reason will be asked, select Incorrectly transferred to another account. After this submit it.

When to complain

When a wrong transaction happens, you have to complain immediately. It is necessary to complain within three days of the transaction. After this, there is no guarantee of getting the money back if you complain.

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The post Wrong UPI Payment: Wrong money transferred through UPI? Know the method here first appeared on Rightsofemployees.com.