Many of us have experienced the frustration of mistakenly transferring money to the wrong bank account via a unified payment interface (UPI) linked mobile number.
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In such a situation, the main concern is retrieving the money mistakenly sent to the wrong recipient.
However, many are not aware what to do when faced with such a situation.
1st step for retrieving funds
To recover the funds transferred to the unintended recipient, the most crucial thing is to show that the transfer was unintentional. Once proven, it becomes the bank’s responsibility to reverse the transaction.
Regulation 8 of the Reserve Bank of India’s Ombudsman Scheme for Digital Transactions, 2019, states that failure by the bank to reverse the transfer may lead to filing a complaint before the Ombudsman.
Reporting the issue to the bank immediately, along with transaction details and involved account numbers, is crucial.
Attempting to communicate with the unintended recipient to request a return of funds is also recommended.
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How to use NPCI’s help in getting back money transferred wrongly
If the wrong transaction was made using UPI, individuals can use NPCI’s dispute redressal mechanism.
They can navigate to NPCI’s website and follow the steps outlined, including selecting the nature of the transaction and raising a complaint.
Here’s a simple guide:
Step 1: Visit this link
Step 2: Click on the ‘complaint’ box. Choose the nature of the transaction from the drop-down menu. For instance, if you unintentionally transferred money to the wrong recipient, select ‘Person to Person’ as the transaction type and ‘Incorrectly transferred to another account’ as the issue.
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NPCI provides escalation levels to resolve complaints faster, including filing a complaint with the bank and NPCI, and approaching the banking ombudsman if necessary.
