The Reserve Bank of India (RBI) has released comprehensive guidelines addressing the scenario where Unified Payments Interface (UPI) users erroneously transfer funds to an unintended recipient. In the event of inadvertently sending money to a familiar individual such as a friend or family member, recovery can often be facilitated by simply requesting a refund. However, if the funds have been mistakenly transferred to an unfamiliar party or an acquaintance, there is no need for alarm.
Typically, reimbursement can be expected within a timeframe of 24 to 48 hours. Swift resolution is likely if both the sender and receiver are patrons of the same banking institution. Nevertheless, when transactions involve different banks, the retrieval process may entail a slightly prolonged duration.
Here are five steps you can follow to recover money sent to the wrong UPI address:
> Contact the Recipient: Reach out to the recipient and provide them with transaction details. Request their cooperation in returning the money. > Contact UPI App Customer Support: Report the incorrect transaction to the UPI app's customer support team. Share all relevant information and evidence for assistance in initiating the refund process. > File a Complaint with NPCI: If resolution is not achieved through the app's customer support, file a complaint with the National Payments Corporation of India (NPCI). Provide transaction details and supporting evidence for further investigation. > Seek Help from Your Bank: Notify your bank about the erroneous transaction. Provide necessary details and documentation for them to 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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Please report the error to your UPI (Unified Payments Interface) application's customer support team by providing the relevant transaction details. This will enable them to assist you with the refund process and provide guidance on the appropriate next steps to take.