In this digital world, online fund transfer is a very common thing, especially after the introduction of UPI.
It has become a preferred way for Indians to transact funds however, with stronger digital transactions, the risk of being scammed will be common as well.
There are a lot of cases that have surfaced in which wrong transaction or scammers scamming the individual has been reported.
On a year-on-year (YoY) basis, the volume of transactions was up 85.55 percent and value went up 70.61 percent which is a huge spike.
So, to ensure safe and secure transactions, RBI came up with a few guidelines and remedial measures which will help an individual in recovering funds in case of fraud.
According to RBI guidelines, there are some remedial measures that the sufferer can follow to secure his funds. In this article, we will discuss all those remedial measure steps by step that you can follow to receive your funds.
Step-1 File a complaint on the platform you’ve used for fund transfer
The very first step to recover your funds is to file a complaint on the platform that you’ve used for the transaction.
Whether it’s GPay or PAYTM, you can raise a ticket disputing the funds that you’ve transferred. The ticket that you’ll raise will be resolved by the customer service executive and he/she can guide you further to recover your funds.
If you’ve mistakenly made the fund transfer, you can also contact the person and ask him/her to return the money. If it was a mistake, most people will return the money without having had to rake up the issue.
With these options not working, you can follow the next step to recover the funds.
Step-2 Use NPCI’s UPI Dispute Redressal Mechanism
National Payments Corporation of India or NPCI which is the organization behind UPI provides you with a mechanism using which you can resolve your issue.
This is an online process meaning you can visit the UPI Dispute Redressal Mechanism portal online and file your complaint there.
All you’ve to do is to visit the official UPI Dispute Redressal Mechanism portal and select transaction as your issue to be resolved.
Now, follow these steps to file a complaint in the UPI Dispute Redressal Mechanism-
- Select the Nature of the transaction from the drop-down i.e. Person to Perso or Person to Merchant
- Now, select the type of issue that you are facing from the dropdown. It will have various issues listed
- In the next field, you can provide a brief description of the issue that you are facing
- After that, enter the transaction ID followed by providing your Bank name, your VPA, amount, date, email, and phone number to complete the form
- Now, you’ll have to also attach the bank statement which showcases the debit from your bank
- After filling out the entire form, you’ll have to click on the submit button and your complaint will be filed
- The NPCI officer looks into the matter, and convey to you the process of recovery and the status
- You’ll also be provided with the complaint number which can be used to track the complaint filed so keep the number safe
Step-3 Raise the issue with your Bank as well
After you’ve filed your complaint with the NPCI, you should also file a complaint with your bank to ensure you get a faster resolution.
You can either visit your bank branch or simply use the online dispute resolution mechanism of your respective bank.
Many banks do not provide an online dispute resolution mechanism, so for them, you’ll have to visit the bank.
you can make a simple Google search on it and you’ll find whether it is online or not. Some banks even provide a phone number where a customer care executive will try to resolve your problem.
You can find detailed information on dispute resolution on the official website of your respective bank.
Step-4 File your complaint with RBI
If all these steps mentioned above failed, then you can increase the dispute level and file your complaint with the RBI.
RBI as you know is the governing body for all the banks and provides an ombudsman scheme under which any dispute related to any of the parties involved in the fund transfer can be filed.
Whether you have to file a complaint against a person, bank, or any other financial institution and even RBI itself, you can do that with an ombudsman.
Visit the official website of the RBI’s Ombudsman portal and file the complaint there online. You also have the option to visit the ombudsman’s office or contact the office via phone or email to file your complaint.
If for some reason even RBI is not able to resolve your issue and if the amount is high, then you can seek help from the Judiciary as well.
You can file a complaint against the person involved and if it is a fraud case, then you can also file a criminal case against the person.
