Transferred Money To Incorrect UPI-Linked Mobile No? Quick Steps To Get It Back

Most of us at least once or more than once faced the situation of mistakenly transferring money to incorrect bank account through the unified payment interface (UPI) linked mobile number. If such a scenario arises, your primary concern remains to retrieve the funds transferred by mistake to the wrong recipient.

But, many of us lack the awareness of steps to follow when we are caught in such an unpleasant situation. In order to retrieve the money transferred to the wrong recipient, the key step is to highlight the fact that move was unintentional. After it is prove, it becomes the responsibility of the concerned bank to reverse the transaction.

It is worth noting here that regulation 8 of the Reserve Bank of India's Ombudsman Scheme for Digital Transactions, 2019, highlights that failure by the bank to reverse the transfer may lead to filing a complaint before the Ombudsman. It is of paramount significance to report the issue to the bank without any delay along with the details of transactions and involved account number.

You must also take efforts to get in touch with the unintended recipient in order to request the return of money.

Steps to use NPCI's assistance in retrieving the funds transferred mistakenly. If the incorrect transaction has been made using UPI, individuals may use NPCI's dispute redressal mechanism.

Individuals may visit NPCI's website and follow the steps highlighted that may include choosing the nature of the transaction and raising a complaint.

Visit this link: https://www.npci.org.in/what-we-do/upi/dispute-redressal-mechanism

Now you need to click on the 'complaint' box. Select the nature of the transaction from the drop-down menu. For example, if you mistakenly transferred money to the wrong recipient, choose 'Person to Person' as the transaction type and 'Incorrectly transferred to another account'.

NPCI offers escalation levels to resolve complaints faster that may include submitting a complaint with the bank and NPCI, and visiting the banking ombudsman if required.
According to NPCI website, "A complaint shall be first raised with the relevant TPAP in respect to all UPI related grievances / complaints of the end-user customers on-boarded by the PSP Bank / TPAP (if the UPI transaction is made through TPAP app). In case the complaint / grievance remains unresolved, the next level for escalation will be the PSP Bank, followed by the bank (where the end-user customer maintains its account) and NPCI, in the same order. After exercising these options, the end-user customer can approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints, as the case may be."