A person can make a mistake about the transaction when transferring money, or the transfer can be a fraud. However, UPI transactions via mobile apps and net banking have made the financial transaction process much easier for people. But what will happen if one transfers the money to the wrong account? The money can be refunded to the original account with some easy procedures, mentioned below.
One must inform his/ her registered bank about the transaction stating that was either a fraud transaction or wrong transaction, whichever is applicable. You can visit the bank physically, or call the customer care service. Share all the details of your transaction like the recipient's bank account, time, and date, and mention the error. In that case, the bank will be asking for permission from the recipient. But these cases can take a long time to be resolved.
Now, the fraud transaction cases are increasing and the Reserve Bank of India (RBI) is concerned about the matter. Hence, they have initiated a step where they will send you a message as soon as you complete a financial transaction, through ATM, or UPI, or net banking. After the transaction, you will receive a message stating, "if the transaction is incorrect, please send this message to this phone number". If you notice that your transaction was wrong or a fraud one, you can utilize this option and send the message mentioning you did not transfer the money, or done wrongly. RBI mentions that if you send money by accident, your bank should take action as soon as possible.
Take a legal step
If you face a case where the transaction was done by mistake, but the recipient is refusing to give your money back, you can file a legal case against him/her. However, legal cases might take a long time as a court will be involved with the matter. Your transaction will be analyzed thoroughly by the court and the bank. The guidelines of the Reserve Bank of India (RBI) mentions that it will be your responsibility to share all the correct details of the recipient's account with the bank if you have made a wrong transaction, and the bank will not be responsible for your mistake.
However, if you have made a mistake to enter the recipient's bank account and the account is invalid, then the money will automatically be credited back to your money. Mostly, in the case of an invalid account, your money will not be debited through UPI.