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Wrong Transaction: Money went to some other account by mistake, RBI told how to return it..

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Digital payment systems like Unified Payments Interface (UPI) have revolutionized the way transactions are done. They have eliminated the use of cash in most cases by allowing one to scan a QR code and transfer the desired amount directly to the bank amount. From street vendors to retail chains, UPI is now everywhere in India because it makes transactions so easy. Even after that, many times due to the wrong type of UPI ID, the money gets transferred to someone else. We will also tell you what to do in such a situation so that your money can be recovered.

If money is transferred using the wrong UPI ID

However, UPI is a safe payment system. Even after that, small mistakes made by you can cause financial loss. Entering the wrong UPI ID and accidentally transferring money to someone else's bank account are among the mistakes you might have faced. In such circumstances, most of us get nervous but according to the Reserve Bank of India, by taking the right steps, you are recovering the money transferred to another account by entering the wrong UPI.

You can recover your money in this way

According to RBI, it is said that in case of unknowingly transacting through digital services, the victim should first complain about the payment system used.

You can get help from customer care applications like Paytm, Google Pay, and PhonePe and request a refund.

If the payment system fails to resolve your issue, you can contact the Ombudsman for Digital Transactions set up by the RBI.

Complaints can be filed when the payment system does not comply with the RBI instructions related to payment transactions through UPI, Bharat QR Code, and others promptly, such as failure to credit funds to the beneficiaries' account or within reasonable time. Failure to return the amount within.

Anyone can complain to the Ombudsman when funds are wrongly transferred to the beneficiary's account.

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