With the surge in UPI transactions, instances of inadvertently transferring money to the wrong recipient are becoming more common.
While transferring money to known contacts poses minimal risk, transactions to unfamiliar numbers can lead to complications.
The Risks of a Single Digit Error:
Even a minor error in entering the 10-digit mobile number during a UPI transfer can redirect the funds to an unintended recipient.
With no acquaintance with the unintended recipient, rectifying the error becomes challenging, especially if they are unresponsive.
Prompt Action is Crucial:
In such scenarios, immediate action is imperative. Inform your bank promptly to initiate the process of reversing the transaction.
Be prepared to provide evidence to the bank to prove that the transfer was unintentional.
Recourse Options:
Bank Notification: Notify your bank at the earliest, providing necessary details and evidence to support your claim.
If the bank is satisfied with your explanation, they can initiate the reversal process.
Complaint to NPCI: Alternatively, lodge a complaint on the NPCI website’s grievance redressal portal.
Select ‘Person to Person’ as the transaction type and ‘Incorrectly transferred to another account’ as the issue. Provide comprehensive details to register your complaint effectively.
Seeking Resolution:
Both avenues offer a pathway to potentially recover the transferred funds, alleviating the financial stress caused by the error.
Remember to act swiftly and diligently to maximize the chances of a successful resolution.
