In an age where digital transactions have become the backbone of our financial activities, Unified Payments Interface (UPI) has emerged as a convenient and swift method to transfer money. However, with millions of transactions occurring daily, there’s a slim but real possibility of a mistake happening – like sending money to the wrong UPI ID. It’s a moment that can induce panic and a flurry of questions. What do you do? Is your money lost forever?
Before you spiral into worry, take a deep breath. The situation, while frustrating, isn’t irreversible. In this comprehensive guide, we will walk you through the exact steps you need to take to rectify this mishap. From immediate actions post-transfer to communicating effectively with your bank, we’ve got you covered. Plus, we’ll share an invaluable email template and necessary forms to streamline the process.
Wrong UPI Transfer? Sent Money to Wrong UPI ID?: Here’s a Step-by-Step Guide to Get Back Your Money
Navigating through a wrong UPI transfer might feel daunting, but with our guide, you’re not alone. Read on to learn how you can reclaim your hard-earned money with minimal stress and maximum efficiency.
Step 1: Immediately raise a complain with your bank
The initial step you should take is paramount. It’s crucial to promptly file a complaint with your bank regarding the erroneous transaction. When reporting this issue, it’s essential to provide detailed information for an effective investigation.
- Account Number
- Date
- Amount
- Transaction ID and UTR
- Beneficiary UPI ID
- Mobile Number
- Name of UPI App
Providing this comprehensive set of details will significantly aid your bank in tracking down the transaction and taking the necessary steps towards rectifying the mistake. Here’s a great email template provided by @Ravisutanjani on Twitter.
Email template for raising a complaint with your bank
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐑𝐞𝐯𝐞𝐫𝐬𝐚𝐥 𝐨𝐟 𝐄𝐫𝐫𝐨𝐧𝐞𝐨𝐮𝐬 𝐔𝐏𝐈 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧 – ₹𝟓𝟎𝟎𝟎
Dear SBI Customer Care
I am writing to request a reversal of an erroneous UPI transaction that I made on [Date] through Google Pay.
I mistakenly transferred ₹5000 to the following incorrect UPI ID: [Enter the Incorrect UPI ID]
I kindly request your assistance in reversing this transaction.
For your reference, my account details are as follows:
- Account Name: [Your Full Name]
- Account Number: [Account Number]
- Registered Mobile Number
I have attached a screenshot of the transaction details from Google Pay for your reference (if possible).
I would be grateful if you could investigate this matter and credit the ₹5000 back to my SBI account as soon as possible.
Thank you for your time and assistance.
Sincerely,
[Your Full Name]
Step 2: Raise a complain with NPCI
NPCI is the regulator for UPI. So you should file a complaint here – https://www.npci.org.in/what-we-do/upi/dispute-redressal-mechanism
Step 3: Raise a complain with your UPI App
To address the issue of mistakenly sending money to the wrong UPI ID, your should raise a complaint directly through your UPI application (Paytm, PhonePe or Google Pay). This procedure is typically straightforward and can be initiated within the app itself. Most UPI apps have a dedicated section for transaction disputes or reporting issues where you can detail your problem.
Step 4: Raise a complain on Cyber Crime Portal [In case of financial fraud]
In instances of financial fraud, it’s crucial to take immediate action by reporting the incident on the official Cyber Crime Portal. This platform is specifically designed to handle cases related to cyber offenses, including financial fraud. By reporting your case here, you’re not only taking a step towards resolving your own issue but also aiding in the prevention of such frauds affecting others.
You can file a complain here: https://cybercrime.gov.in/Webform/Crime_AuthoLogin.aspx?rnt=5
Step 5: Raise a complain on RBI Banking Ombudsman [If the bank is not assisting even after sharing all the details]
If you’ve encountered a situation where your funds have been mistakenly transferred or you’re facing any kind of financial dispute with your bank that hasn’t been resolved to your satisfaction, you have the option to escalate the matter by filing a complaint with the Reserve Bank of India (RBI). The RBI has a dedicated platform for handling such grievances called the ‘RBI Complaint Management System’ (CMS).
You can file a complain here: https://cms.rbi.org.in/cms/indexpage.html#eng
However, the process and timeline for recovering funds mistakenly sent to the wrong recipient via a UPI transaction can vary significantly depending on several factors. Primarily, the bank’s policies and procedures play a crucial role in determining how the situation is handled and the speed at which a resolution can be expected. Each bank might have different protocols for investigating and resolving such disputes, which can affect the overall timing.
Do check out: List of countries where UPI is now available outside India
