Sent Money To The Wrong UPI Address? Here's How RBI's Latest Rules Could Help You Recover It
Users can now expect to recover funds sent to the wrong UPI address within 24 to 48 hours, according to these directives
Wrong UPI Address: The Reserve Bank of India (RBI) has introduced new guidelines addressing concerns over erroneous transactions on the Unified Payments Interface (UPI). Users can now expect to recover funds sent to the wrong UPI address within 24 to 48 hours, according to these directives. The refund process will be quicker if both the sender and receiver use the same bank, but may take longer if different banks are involved.
UPI, developed by the National Payments Corporation of India (NPCI), is a popular digital payment system that allows users to link multiple bank accounts to a single mobile app. It enables seamless money transfers, bill payments, and online shopping through smartphones — eliminating the need for cash or bank details. However, issues like declined transactions and accidental transfers to the wrong UPI address have led to financial losses for users.
The RBI's new rules aim to enhance user confidence in UPI by addressing the challenges related to erroneous transactions and ensuring prompt resolution.
Here are the key steps to recover money sent to the wrong UPI address:
Contact the Recipient: Reach out to the unintended recipient and request a refund. Share the necessary transaction details and ask for their cooperation in returning the funds.
Contact UPI App Customer Support: Report the mistake to your UPI app’s customer service team. Provide all relevant information and evidence to initiate the refund process.
File a Complaint with NPCI: If customer support does not resolve the issue, escalate it to the NPCI. Submit the transaction details and supporting evidence for further investigation.
Seek Help from Your Bank: Notify your bank of the erroneous transaction. Share the required documentation, and they can assist in initiating a chargeback process to recover the funds.
Call the Toll-Free Number: In case of such issues, you can also call the NPCI’s toll-free number, 1800-120-1740, for assistance.
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