Don't panic over incorrect UPI payments; you can recover your money with the right process, using the help of your bank and NPCI.
UPI Payment: In this digital India era, UPI (Unified Payments Interface) has made people's lives incredibly easy. Now, there's no need for ATMs or bank visits for financial transactions. Money is transferred from one account to another with just a smartphone and a few taps. However, this speed sometimes leads to big mistakes – sending money to the wrong account or mobile number. The biggest question in such cases is – can we get our money back? The answer is – yes, absolutely, but you need to follow some essential steps.
Sent a UPI Payment by Mistake? Do This First
If you've sent money through UPI to the wrong number or account, don't panic. You still have a chance to get your money back, provided you follow the correct procedure in a timely manner. Here are the most crucial steps:
1. Contact Your Bank Immediately
First, contact the customer care or nearest branch of the bank from which you transferred the money. Provide them with all your details:
- Transaction ID
- Date and time
- Amount sent
- Receiver's number or account details (where the money was mistakenly sent)
2. Obtain a Complaint Number
The bank will give you a complaint number or request number. This allows you to track your case. You can also send this information to the bank via email.
3. Utilize RBI Guidelines
According to Reserve Bank of India (RBI) guidelines, if someone refuses to return your money, they are violating the rules. In such cases, you can ask your bank to contact the receiver and arrange for the amount to be transferred back.
What if the Receiver Refuses to Return the Money?
Sometimes, the person who received the money refuses to return it. In such a situation, you have legal options:
- You can file a police complaint against that person.
- You can report it to the cyber cell after obtaining their details from the bank.
- The option of recovery through the court also exists.
Remember, legally, keeping money received by mistake is an offense, whether intentional or not. It's considered similar to finding money on the street and not returning it. Penalties can apply in such cases.
NPCI and Bank Support System
In India, all UPI transactions are handled by NPCI (National Payments Corporation of India). If you don't get a satisfactory response from your bank, you can lodge a complaint on the NPCI customer support portal.
To do this, visit https://www.npci.org.in and fill out the form in the 'UPI Complaint' section.
Precautions While Sending Money
1. Cross-check Name and Number
When making UPI payments, double-check the receiver's name and mobile number as many times as possible. Sometimes, a single digit difference can lead to a big mistake.
2. Be Careful When Scanning QR Codes
Publicly displayed QR codes can be subject to scams. Ensure you are scanning the code of the correct shop or person.
3. Use the Favorites List
Add people you frequently send money to in your UPI app's favorites list. This significantly reduces the chances of error.
4. Beware of Fake Customer Care
If you encounter problems with a transaction, do not search for the customer care number on Google. Always obtain the helpline number from the bank's or app's official website.
Future Technology Updates
UPI is constantly becoming smarter. Soon, you may get features like voice confirmation or photo verification of the receiver's name during the transaction. This will significantly eliminate the chances of sending money to the wrong account.
