Has this ever happened to you? Have you ever made a UPI transaction or withdrawn money from an ATM, only for the transaction to fail and the money to still be deducted from your account? If yes, do you know what the RBI (Reserve Bank of India) rules say about this? If not, go through this article to know the details.
When Will You Get a Refund If You Lose Money Due to a UPI or ATM Failure?
If you have sent money to someone through UPI and the money has been deducted from your account, but has not reached the other person’s account, then in such cases you will get this compensation.
If the money has been deducted from your account while withdrawing cash from an ATM, or while making a payment through UPI or card at a shop, but the money has not been withdrawn from the ATM or the card payment has not been made, then you will also get this compensation.
RBI Rules and Time Limit for Refunding Money
Transaction failures are usually caused by network issues, slow internet, ATMs running out of cash, or technical glitches in the bank server. As per RBI rules, in eligible cases, the bank should automatically credit the compensation amount to the customer’s account within a specified period.
- If money is sent through UPI but has not reached the other person’s account, then the refund should be received by the next day.
- If money is not withdrawn from the ATM, but has been deducted from the account, then the money should be returned to the account within 5 days.
- If the UPI or card payment at the store fails, but the money has been deducted, then the money should be returned to the account within five days.
What to Do If You Don’t Receive Compensation?
As per RBI rules, in eligible cases, the bank should automatically credit the compensation amount to the customer’s account. For this, the customer does not need to file a separate complaint or appeal. However, if the money is not refunded or the compensation is not received, you should raise a complaint with the bank.
RBI has fixed specific time limits for refunding money for various types of transactions. It is important to note that customers do not automatically receive ₹100 for every failed transaction. Compensation is applicable only when the relevant transaction falls under RBI regulations and the bank fails to comply with the prescribed time limit.
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