Google Pay and PhonePe users, pay attention! Money deducted but not received? Claim compensation from your bank..

UPI Transactions: Sometimes UPI transactions fail, and you often receive the message "Money deducted but not received." Now you have to wait to get your money back. Did you know that if the bank or app doesn't return your deducted money within the stipulated time, you can claim compensation? Yes, if a UPI transaction fails and money has been deducted from your account, don't panic. According to the Reserve Bank of India (RBI) rules, if the bank or payment app does not return your money within the specified time limit, you can claim compensation for each day of delay. Note that this rule does not apply to successful transactions that were mistakenly sent to the wrong person. Let's learn the complete process for claiming compensation.

Compensation is paid daily.
For your information, if money is deducted after a failed UPI transaction, according to the rules, the deducted money should be returned to your account on the day of the transaction and the following business day. If your money is not returned within this time frame, you can file a complaint through your UPI app, such as Google Pay, PhonePe, or Paytm. If your complaint is not addressed there, you can register your complaint on the RBI's CMS portal (cms.rbi.org.in) and claim compensation for the delay.

₹100 compensation per day
According to RBI guidelines, if the money from a failed UPI transaction is not returned even after T+1 (transaction day and one business day), the bank will have to pay compensation of ₹100 for each day of delay until the refund is processed. This ensures that the money stuck with the bank or app is returned.

How to file a complaint
First, open your UPI app, such as Google Pay, PhonePe, or Paytm, on your phone.

Then, within the app, register a 'dispute' or complaint for the transaction that failed.

If your complaint is not resolved through the UPI app, you can also file a complaint on the RBI CMS portal cms.rbi.org.in. Remember to mention the delay when filing your complaint. This is important because banks are required to pay a penalty of ₹100 for each day of delay beyond the stipulated time limit.

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