Wrong UPI Transaction : Money went to some other account by mistake then RBI told how to return it

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Wrong UPI Transaction: The trend of digital transactions is increasing every day. In such a situation, if this ever happens to you then you do not need to panic because RBI has given the methods through which we can get our money back. Let us know in the news how the money transferred to the wrong account can be recovered.

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Digital payment systems like Unified Payments Interface (UPI) have revolutionized the way transactions are done. They have eliminated the use of cash in most cases by allowing one to scan a QR code and transfer the desired amount directly to the bank amount. From street vendors to retail chains, UPI is now everywhere in India because it makes

transactions so easy. Even after that, many times due to wrong type of UPI ID, the money gets transferred to someone else. We will also tell you what to do in such a situation so that your money can be recovered.

If money is transferred using wrong UPI ID

However, UPI is a safe payment system. Even after that, small mistakes made by you can cause financial loss. Entering wrong UPI ID and accidentally transferring money to someone else’s bank account are among the mistakes you might have faced. In such circumstances, most of us get nervous but according to Reserve Bank of India, by taking the right steps, you are recovering the money transferred to another account by entering wrong UPI.

You can recover your money in this way

According to RBI, it is said that in case of unknowing transaction through digital services, the victim should first lodge a complaint in the payment system used.

You can take help from the customer care of applications like Paytm, Google Pay and PhonePe and request a refund.

If the payment system fails to resolve your issue, you can contact the Ombudsman for Digital Transactions set up by the RBI.

Complaint can be filed when the payment system does not timely comply with RBI instructions related to payment transactions through UPI, Bharat QR Code and others, such as failure to credit funds to the beneficiaries’ account or within reasonable time. Failure to return the amount within.

Anyone can complain to the Ombudsman when funds are wrongly transferred to the beneficiary’s account.

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