Did money accidentally go to another account or an incorrect UPI ID? Here is how to get the full amount back..
Wrong UPI Transaction: UPI payments have made money transfers incredibly fast and easy. However, due to haste or carelessness, money is sometimes transferred to the wrong number or an unfamiliar QR code. In such situations, instead of panicking, it is crucial to take the right steps immediately.
Money sent to the wrong account is not necessarily lost forever. However, since a transaction made by entering a UPI PIN is considered authorized by you, the bank cannot reverse it automatically. Whether or not you get the money back depends on how quickly you file a complaint.
Check this first
If an incorrect payment occurs, first check the transaction status in your UPI app (such as PhonePe, Google Pay, Paytm, or BHIM). If the transaction appears as 'pending' or 'processing' and eventually fails, the money will be returned to your bank account. If the payment has successfully left your bank, assume the amount has been credited to the recipient's account. Do not wait for it to reverse on its own.
Steps to recover the money
Immediately report the issue to the UPI app and your bank.
Report the transaction via the 'Help & Support', 'Raise Dispute', or 'Complaint' section of the app used for the payment (e.g., GPay, PhonePe, Paytm, BHIM).
Next, immediately contact your bank's customer care or visit your home branch. Provide the bank with the UPI Transaction ID, reference number, date, and a screenshot. The bank can contact the recipient's bank branch and request a refund.
If you do not get a resolution from the UPI app or the bank, visit the National Payments Corporation of India (NPCI) official website (npci.org.in) and file a complaint under the 'Dispute Redressal Mechanism'.
If the issue is not resolved within 30 days, you can file a complaint under the Reserve Bank of India's Integrated Ombudsman Scheme.
Can the bank automatically debit the money back?
Many people believe the bank will deduct the money from the other person's account and return it to theirs, but that is not the case. Since you authorized the payment by entering your UPI PIN, the bank cannot withdraw funds from the recipient's account without their consent; the most the bank can do is block the recipient's account. In most cases, when the bank contacts the recipient, they voluntarily return the money. However, if the recipient refuses to return the funds, the legal process involved can be time-consuming.
Keep these points in mind to avoid making incorrect payments:
Carefully verify the recipient's name displayed on the screen before entering your UPI PIN. Before sending a large amount to a new or unfamiliar UPI ID, perform a test payment of ₹1 or ₹10 to verify the details. Incorrect numbers are often dialed or scanned due to haste or a lack of attention; pause for 5 seconds and re-read the details before pressing the 'Pay' button.
Disclaimer: This content has been sourced and edited from NDTV India. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
