If you have sent money to the wrong account or UPI ID through UPI, don’t panic. As per RBI guidelines, complaining immediately to the UPI app, bank and NPCI increases the chances of getting the money back. Let us tell you the method for this.
The method of digital payment in India has completely changed. Today, people from small towns to villages are making transactions in a few seconds through mobile apps. Unified Payments Interface (UPI) has made the process of sending and receiving money very easy. However, sometimes in a hurry or due to some technical flaw, money is sent to the wrong account or wrong UPI ID. In such a situation, it is important to understand what you should do.
When does a wrong UPI transaction happen?
There can be many reasons behind a wrong transaction. Sometimes a small mistake while typing a mobile number or UPI ID in a hurry can prove to be costly. Apart from this, money goes to the wrong account if the wrong user is selected from the phonebook. Sometimes payment can reach the wrong account due to the app or network. At the same time, many times the user becomes a victim of fraud and inadvertently sends money to the wrong account.
What do RBI guidelines say?
According to the rules of the Reserve Bank of India (RBI), it is the sole responsibility of the user to fill in the correct details. Banks and payment service providers try to make the system safe but it is ultimately the user’s job to verify the transaction. However, if for some reason the money goes to the wrong place, the user has the right to lodge a complaint immediately.
RBI has asked banks and UPI apps to ensure that they provide a grievance redressal system to resolve user complaints.
What to do if money goes to the wrong account?
1. Report in UPI app
Most UPI apps like Google Pay, PhonePe, Paytm and BHIM have the option of Help/Report.
– Select the transaction that is causing the problem.
– Click on ‘Wrong UPI Transaction’ or similar option.
– Fill in all the details of the transaction and file a complaint.
2. Contact the bank immediately
If complaining on the app does not resolve the issue, the next step should be to contact the bank.
– Visit your bank branch or call the customer care number.
– Keep the transaction ID, date, time and receiver details with you.
– Giving a written complaint is more effective as it gets recorded in the official records.
3. Complain to NPCI
NPCI (National Payments Corporation of India), the organization that handles the UPI system, also helps users.
– Call NPCI’s toll-free number 1800-120-1740.
– If there is no solution from the bank and app for 30 days, then file an online complaint on the NPCI website.
Can the money be recovered?
This question often comes to the mind of every user who has accidentally sent money to the wrong account. The answer is, it is possible but it is not guaranteed. If the owner of the account in which the money has gone is ready to return the money, then recovery becomes easy. But if he refuses, then the matter can become difficult. In such a situation, the bank and NPCI can only try to help you.
How to avoid wrong transactions?
Check the details every time and check the name and UPI ID of the receiver thoroughly before confirming the payment. Apart from this, check the contact again because there is a high chance of error while transacting with auto-saved contacts. Also avoid suspicious QR codes and do not make the mistake of making payment through unknown links or QR codes. At the same time, if you are sending money to a new user for the first time, then you can confirm by sending a small amount first.
