Money was deducted while doing transactions through Google Pay… but not transferred… Know RBI rules, Bank will pay the penalty
News Desk:- If the money is deducted from the account after the digital transaction fails and the payment is not made, the banks have to reverse this money in the customer’s account within a fixed time. If not doing so, the bank has to pay a penalty.
Many times it happens when you have a very important job and at such times the payment fails through NEFT, IMPS, or UPI. In some cases, money is also deducted from the account and the payment is not completed. People have to get upset in this situation. Due to the start of the new financial year on 1 April itself, the functioning of banks was closed. Due to this, many banks were facing problems regarding NEFT, IMPS, and UPI payments.
The National Payment Corporation of India (NPCI) said in a tweet that due to the end of the financial year, there have been cases of failures related to UPI and IMPS of some banks. We found that the situation of most of these banks is normal. Customers can now avail IMPS and UPI services irresponsibly.
The Financial year end closing had led to some UPI and IMPS transaction failures at few banks. We have observed that most of these bank systems are back to normal since last evening. Customers may avail uninterrupted IMPS and UPI services.
— NPCI (@NPCI_NPCI) April 2, 2021
However, in replying to this tweet by NPCI, many customers say that they are still having problems in transacting. Their transactions are failing again and again. Some customers said in reply that till date the payment deducted from their account has not been returned yet. In such a situation, the biggest question as a customer is, how long do these money come back in the bank account after the NEFT, IMPS, or UPI transaction fails?
What to say is the rule of RBI
On September 19, 2019, the Reserve Bank of India issued a circular regarding the failed transactions. According to this circular, if the money is not returned to the customer’s account on time after the transaction has failed, then the bank will have to pay a penalty of Rs 100 per day from the bank.
According to the circular, if the IMPS transaction fails, the money is deducted from the customer’s bank account and does not reach the beneficiary’s account, then the transaction should be returned by the next day. This means that if a transaction fails today, the money should be reversed in the account of the person who transferred the money by the next day. If the bank does not send the money to the customer’s account in that time, then a penalty of 100 rupees will have to be paid according to those every day. The same rule applies in the case of UPI transaction failure.
How and where to complain?
If any of your transactions have failed and you should check how many days after the failure of the transaction, the money is returned to the account. If the bank takes more time than the fixed period, then you can file a complaint against the service provider.
If it does not get a response from them within a month, then you can complain under the Ombudsman Scheme of Digital Transactions, 2019 of RBI. To know about this, you can click here.