Wrong UPI Account Transfer: What to Do?
Wrong UPI transactions can be rectified by contacting the NPCI or your bank promptly, providing transaction details for reversal.
The digital India initiative is rapidly making the way for instant real-time payment systems like UPI. UPI offers convenience & speed to its users. It has made transferring funds, and engaging in commerce (amazon etc.) easy for individuals and businesses. More than 33 crore individuals and 7 crore merchants & traders use different UPI payment modes. Be it a small amount or a big one, most of India depends on UPI transfers. As a result, the number of UPI transactions crossed 1000 crores in August 2023 in India. When we have so many UPI users, each with a unique UPI ID and mobile number, it’s only natural that we mistype the ID or their mobile numbers while transferring the amount. This often leads to the money getting transferred to the wrong account. The UPI creator has implemented a ‘UPI Auto-Reversal' system to tackle this problem. However, the online reversal will be initiated only for approved cases when the beneficiary bank marks RET (return) in response to auto-update. So, what should one do when they transfer money into the wrong account through UPI transactions?
Here’s the answer! Firstly, you must not panic. There is a solution for it. Log in to NPCI.org.in. It is the Indian government’s official retail payments and settlement systems website. Go to the UPI Complaints section, select transactions, and fill out your details. Another way to reverse your wrong UPI transaction is through your bank. Contact your bank or UPI service provider’s customer support. Raise the request for Unique Transaction Reference (UTR) number, date, and amount on official mail. Remember to do this as soon as possible because some banks and UPI service providers impose a time limit on such requests. If the person you have incorrectly sent money to, has an account in the same bank, the bank officers can contact them directly and request for the reverse of the transaction. But, if the wrong recipient has an account with a different bank, then your bank can only act as a mediator. However, your bank can provide you with the details of the branch but only that bank branch manager can help you. If you still don’t receive back your money, then you must file a complaint on the NPCI website.
