Key Points
Many people end up sending money to the wrong back account while sending money through their unified payment interface (UPI) linked mobile number..
This is because one's phone number is linked to their UPI ID which is in turn is linked to their bank account...
Imagine a situation where you regularly transfer money to say, your landlord's mobile number which is linked to his UPI ID..
Chattopadhyay also mentioned that according to Regulation 8 of the Reserve Bank of India's Ombudsman Scheme for Digital Transactions, 2019 if a bank fails to discharge its duty to ensure that there is a reversal of the transfer of funds was sent to the wrong recipient, a complaint may be filed before the Ombudsman...
According to a circular by NPCI dated November 7, 2023, all third-party application providers (TRAPS) and Payment Service Provider (PSP) banks must identify users who have not engaged in any financial or non-financial transactions on UPI apps for a year on or before December 31, 2023..
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