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Money transferred to wrong UPI account? How to recover money; Here’s what the experts suggest. india business news

money transferred for a wrong is i Account? sending money through Unified Payment Interface (UPI) is convenient, but mistakes can happen, resulting in funds being transferred to the wrong recipient. Many people mistakenly send money to the wrong bank account through their UPI-linked mobile number. This happens because their phone number is linked to their UPI ID, which is then linked to their bank account.
understanding the issue
For example, you usually send money to your landlord’s mobile number, which is linked to his UPI ID. But suddenly, the number is given to someone else, and you are not told. Without realizing it, you send money to the old number, which is now linked to a different person and UPI ID. Now, your main concern is to get back the money sent to the wrong recipient.
Legal experts advise that to get back money transferred to the wrong recipient, you must prove that the transfer was unintentional. Once proven, the bank is responsible for reverse transaction,
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ET quoted partner Abhay Chattopadhyay as saying economic law practiceExplaining, “In the event of funds transfer being made to the wrong recipient, the affected user is required to submit sufficient evidence to the Bank that the transaction was made erroneously/inadvertently.”
Chattopadhyay also said that under Regulation 8 of the Reserve Bank of India’s Ombudsman Scheme for Digital Transactions, 2019, if a bank neglects its duty to ensure refund of funds transferred to the wrong recipient, the affected persons can file a complaint. There is an option to enter. Lokpal.
Shreejit Menon, COO-Operations, Customer Service & Facilities, Fincare Small Finance Bank highlights the importance of give immediate notice of transfer The money went to the wrong account.
Menon also stressed the importance of quick action when money is accidentally transferred to the wrong account. They advised customers to immediately contact their bank, provide transaction details, and try to communicate with the unintended recipient to request a refund of the funds. Although banks can assist in intermediation, success depends on policies and cooperation. Timely reporting and close collaboration can increase the chances of a successful resolution.
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To seek help from NPCI in recovering money accidentally transferred to another account through UPI, follow these steps:

  1. Visit
  2. Locate the ‘Complaints’ section.
  3. Select the nature of transaction from the drop-down menu.
  4. Select issue. For example, if you unknowingly transferred money to someone else, select ‘Person to Person’ as the nature of the transaction and ‘Wrongfully transferred to another account’ as the issue.

The NPCI website outlines the steps to escalate a complaint to get the issue resolved promptly. Initially, the person should lodge a complaint on the UPI app used for the transaction. If the complaint remains unresolved, the next step is to lodge a complaint with the bank that handled the transaction (PSP) and NPCI using the complaint portal. If all available options have been exhausted and the person is still dissatisfied with the solution, they should contact the Banking Ombudsman.
Can someone access your bank account from your phone number?
Reassigning a mobile number does not automatically give someone access to your bank account. Banks use multi-layered security measures to protect customer accounts. Access to accounts typically requires secure authentication processes such as passwords, PINs, security questions, and two-factor authentication. These mechanisms ensure that only authorized persons can access and manage the account, even if the associated mobile number is reassigned.

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