- ₹100 compensation per day for delay, RBI complaint from app.
RBI Refund Rule: In today’s digital era, most people use UPI apps for mobile recharge. However, sometimes it happens that the recharge is not successful, but the money is deducted from the bank account. There is no need to panic in such a situation because there is every possibility of getting your money back. You just need to know the correct process and time limit.
Why does recharge fail even after money is deducted?
Billions of UPI transactions are done every month in India. In such a large network, sometimes transactions may remain incomplete due to increased server pressure, interruption in internet connectivity or technical glitches.
When the payment process is not completed and the amount does not reach the concerned service, it is considered a failed transaction. In such cases, it is usually not the customer’s fault but technical reasons are responsible.
What to do first if recharge fails?
If your recharge has not been done then do not make the mistake of paying again immediately. First of all, check the status of the transaction in your bank and UPI app. Make sure that the money has actually been deducted from the account or not.
Apart from this, note down the transaction ID, date, time and amount of payment and keep it safe. This information is very useful in filing further complaints.
Nowadays, the option of Check Status is also available in most UPI apps. Through this, the status of the transaction is known directly from the bank server and in many cases the refund is processed automatically.
What do RBI rules say?
Very few people know that the Reserve Bank of India has set a clear deadline for refunds related to digital payments. If a person faces a problem with the payment sent, his refund should be received by the next working day. Whereas in cases of merchant payments like mobile recharge, the bank has a maximum of 5 working days to issue the refund.
If the refund is not received within the stipulated time, then as per RBI rules the bank may have to pay compensation up to Rs 100 per day to the customer for the delay.
What to do if you do not get a refund?
First of all lodge a complaint in the help or support section of your UPI app. In most cases the problem is resolved within 24 hours. If refund is not received even after complaint, contact the customer care of your bank and share the transaction ID. If you do not get a satisfactory response from the bank, you can escalate the matter on NPCI’s complaint platform.
If the problem persists even after 5 working days, a complaint can be lodged on the CMS (Complaint Management System) portal of RBI. This is the last level complaint process where it is mandatory for the bank to respond.
take right steps instead of panic
The situation of recharge failure and money being deducted is certainly disturbing, but in the digital payment system, clear rules have been made for the safety of customers. Keep transaction information secure, keep track of deadlines and lodge complaints if necessary. In most cases the refund is given automatically and if there is a delay, RBI rules protect your rights.
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