Key Points
If you find yourself in the unfortunate situation of making an incorrect bank transfer, panic should not be your first response..
In the era of digital banking, online transactions can be completed in a matter of seconds, but with the convenience comes the risk of human errors, such as entering an incorrect account number or a wrong recipient's name...
Adhil Shetty, CEO of BankBazaar.com, told the publication that if the transfer has been made to a non-existent account, the transaction will be reversed automatically..
If the money is credited to the account of an unintended beneficiary with the same name as your intended beneficiary, you may need to prove the transfer was wrong before the bank can assist, according to Shetty...
While the beneficiarys name shall be compulsorily mentioned in the instruction request and carried as part of the funds transfer message, reliance will be only on the account number to afford credit, as per RBI...
