UPI: Know what can be done when money is transferred to a wrong account

Wrong UPI transactions: Unified Payment Interface, or UPI, is presently a very well-liked method of money transfer. Transferring money from one account to another is now quite simple because of increased digitalization. For UPI, you won't even require a credit or debit card to make a payment. You can only complete this work using your cellphone number. UPI usage has quickly expanded during the course of the Corona era. Nowadays, UPI apps like Google Pay, Phone Pe, Paytm, etc. make it simple for consumers to transfer money. However, money frequently transfers from UPI to the incorrect account. You need not be concerned in this circumstance. Following a few simple procedures will allow you to get your money back.

What is stated in the BHIM law:

A user cannot receive his money back after transferring it from the BHIM UPI app to someone else's account, per BHIM regulations. You must ask the receiver to send your money again in order to accomplish this. If you send money to someone using the Bhima app in this case, it is crucial to double-check all the information. Transfer money only after thoroughly verifying the recipient's information. You will avoid suffering severe losses as a result.

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Where can complaints be made:

Remember that even though the individual receiving the money may decide to return your money to you, you can still complain about it. To file a complaint, transfer your funds from services like Google Pay, Phone Pay, Paytm, Bharat Pay, etc. to their support system. Additionally, users of the BHIM App can file grievances by calling their toll-free helpline at 18001201740.

Inform the bank regarding the same:

Immediately take a screenshot of the account number if your money was transferred to the incorrect one. After that, you get in touch with the bank whose account the money was sent to. Following that, if you'd like, you can meet with the bank manager. Banks can then assist you in recovering your money. Remember that your chances of recovering your money increase with the speed at which you provide the bank with the necessary information.