RBI’s New Rule for UPI Payment Recovery: The Reserve Bank of India (RBI) has introduced an easy way to recover money sent to the wrong UPI address. Under the RBI’s new guidelines, if you accidentally transfer money to the wrong UPI address, your money will typically be returned within 24 to 48 hours. Please find the detailed information below.
Developed by NPCI, UPI is a fast and secure way to link multiple bank accounts with a single app. Now, everyone uses UPI payments to pay bills, shop online, and more, all from their phone without needing cash or extra bank details. If something goes wrong, RBI guidelines are in place to help you easily recover any mistaken transactions.
Developed by NPCI, UPI is a fast and secure way to link multiple bank accounts with a single app. Now, everyone uses UPI payments to pay bills, shop online, and more, all from their phone without needing cash or extra bank details. If something goes wrong, RBI guidelines are in place to help you easily recover any mistaken transactions.
This means that if both the payer and the payee use the same bank, the refund process will be faster. However, if they use different banks, the process may take longer.
How to Recover Money Sent to the Wrong UPI Address?
- Contact Your Bank: Immediately report the error to your bank’s customer service for guidance on the recovery process.
- Raise a Complaint: File a complaint through your bank’s official portal or app for tracking and resolution.
- Use UPI Complaint Portal: Submit a complaint on the National Payments Corporation of India (NPCI) UPI complaint portal.
- Provide Transaction Details: Ensure you provide all necessary details, such as transaction ID, date, and amount, to facilitate the recovery.