The Reserve Bank of India (RBI) has introduced new rules to address issues with Unified Payments Interface (UPI) transactions, especially when money is sent to the wrong UPI address.
These guidelines aim to make it easier to recover funds from erroneous transactions.
Under the new regulations, you can expect to get your money back within 24 to 48 hours if you accidentally transfer funds to the wrong UPI address.
Refunds are typically processed faster if both the sender and recipient use the same bank. If different banks are involved, it might take longer to resolve the issue.
Steps to Recover Money Sent to the Wrong UPI Address
- Contact the Recipient
Reach out to the person who received the funds by mistake. Provide transaction details and request a refund. - Contact UPI App Customer Support
Report the error to your UPI app’s customer support team. Share all relevant information and transaction evidence for assistance in initiating the refund. - File a Complaint with NPCI
If the issue isn’t resolved through the app’s support, file a complaint with the National Payments Corporation of India (NPCI). Provide transaction details and evidence for further investigation. - Seek Help from Your Bank
Notify your bank about the incorrect transaction. Provide all necessary details and documentation to help start a chargeback process. - Call the Toll-Free Number
For assistance with wrong UPI address transactions, call the toll-free number 1800-120-1740.
These steps are designed to help users recover funds and address issues with UPI transactions effectively.
