Over the past several years, India has seen a significant increase in digital payments. This change can be attributed to how easy it is to transfer money across bank accounts. The days of making repeated journeys to the bank are long gone. Even large retailers and small business owners are now accepting of digital purchases. However, it is not uncommon for payments to get stuck or end up in the wrong account.
Fortunately, there are ways to fix such mistakes and get your money back:
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Contact customer care: PhonePe, Paytm UPI, Google Pay, or another payment service’s customer support should be contacted. Give them all the information about the transaction, then register a complaint. According to the rules established by the Reserve Bank of India (RBI), this step is essential. Your chances of recouping the monies enhance if you file a complaint as soon as possible, ideally within three working days following the transaction.
File a complaint with the authorities: Make a complaint to your bank in addition to the customer service of the payment platform. Give them the relevant details and let them know about the mistaken transaction. According to the RBI’s regulations, funds can be recovered within 48 hours after filing a complaint regarding an incorrect payment.
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Register details with bank: The first thing to do if a mistaken payment was made using UPI or net banking is to contact 18001201740 and file a complaint. Then, go to your bank and finish the form there by providing the necessary information. Use bankingombudsman.rbi.org.in to contact the Reserve Bank of India’s Ombudsman if the bank refuses to help you.
Keep a copy of the transaction: Don’t erase any transactional texts from your phone, please. The PPBL number, which is crucial throughout the complaint procedure, is one of the pieces of information that are included in these communications. On the National Payments Corporation of India’s (NPCI) website, you may also complain about incorrect payments. The Reserve Bank of India formed NPCI, which is in charge of offering UPI services.
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Always exercise caution before making online payments. To prevent such issues, make sure the account or UPI you are sending money to is accurate.
You may raise your chances of retrieving money paid to the wrong account by following these procedures and acting quickly. To avoid needless hassles, be careful and accurate while doing digital transactions.
