Payment failed on Google Pay-PhonePe? Now the bank will give Rs 100 compensation every day, just save this photo in your mobile.

UPI payment failed refund: In the race of Digital India, today every hand has a mobile and every mobile has UPI apps like Google Pay or PhonePe. From tea stalls to shopping malls, we handle transactions worth crores every day in a jiffy. But, this feature also comes with a big headache – failed transactions. That means the money was deducted from your account, but the shopkeeper did not receive it. Now, to eliminate this problem of yours, the Reserve Bank of India (RBI) has come up with such a powerful rule that not only will you get your money back on time, but in case of delay, the bank will also give you a compensation of Rs 100 every day.

What is RBI’s T+1 rule which became your weapon?

Till now, what used to happen was that if UPI payment failed, one had to wait for weeks to get the deducted money back. Customers kept making rounds of banks and customer care. But now RBI has tightened the rules. According to the new circular, if your money is deducted due to failure of a transaction, the bank will have to credit it back to your account by the end of the next business day (T+1 Day). If the bank fails to do so, it will be penalized, which will directly benefit you.

Understand the complete mathematics of damages like this

Suppose you paid Rs 1000 at a shop, which failed and the amount was debited from your account. As a rule, this money should be returned to your account by the next business day. If this does not happen, then from that day onwards a penalty of Rs 100 will start being imposed on the bank every day. That means, if there is a delay of 3 days in getting the refund, then the bank will give you a compensation of Rs 300 along with Rs 1000. This rule is applicable to every small and big amount.

One screenshot, and every excuse of the bank stops

To take full advantage of this rule, you just have to do a little work. Visit the official website of RBI and take a clear screenshot of this T+1 rule circular and save it in your mobile. Whenever you complain to the bank for refund or compensation, attach this screenshot in the email as proof. As soon as they see this, the bank officials will understand that you know your rights and they will not be able to mislead you.

If you don’t get money then file a complaint step-by-step

Don’t panic if your money doesn’t come back on time. First of all, go to the transaction history of your payment app (Google Pay/PhonePe) and register a complaint (Raise a Dispute) against the failed payment. If solution is not found within 24 hours, contact your bank’s customer care. If you do not get a satisfactory response from there, then take the last and most effective step and lodge your complaint online on the Complaint Management System (CMS) portal of RBI. Clearly mention your transaction ID, amount and compensation sought.

Now there is no need to be afraid while doing digital transactions, because this rule of RBI guarantees complete security of your money. Use UPI without any worries!