New Delhi: Accidentally sending money to the wrong bank account via a Unified Payment Interface (UPI) linked mobile number is a common frustration experienced by many. In such moments the immediate concern revolves around retrieving the mistakenly transferred funds. However, navigating the process to rectify this error can be challenging for individuals who are uncertain about the appropriate steps to take.


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To recover the funds sent to the unintended recipient, it's crucial to demonstrate that the transfer was unintentional. Once this is proven, the responsibility falls on the bank to reverse the transaction. (Also Read: PM Announces Surya Ghar Muft Bijli Yojana, To Give 300 Units Of Free Electricity Every Month To 1 Crore Households)


Regulation 8 of the Reserve Bank of India's Ombudsman Scheme for Digital Transactions, 2019 specifies that if the bank fails to reverse the transfer, a complaint can be filed before the Ombudsman. (Also Read: Business Success Story: Building Mamaearth Into A Household Name, The Journey Of Ghazal Alagh)


Reporting the issue to the bank immediately, providing transaction details and involved account numbers, is essential for a swift resolution. It's also recommended to try communicating with the unintended recipient to request the return of funds, although success is not guaranteed. 


Steps to utilize NPCI's assistance in recovering mistakenly transferred funds.


If a wrong transaction was made using UPI, individuals can seek assistance from NPCI's dispute redressal mechanism. They should visit NPCI's website and follow the outlined steps, which include selecting the transaction's nature and raising a complaint. Here's a simplified guide:


Step 1: Visit this link https://www.npci.org.in/what-we-do/upi/dispute-redressal-mechanism


Step 2: Click on the 'complaint' box and choose the transaction's nature from the drop-down menu. For example, if money was mistakenly transferred to the wrong recipient, select 'Person to Person' as the transaction type and 'Incorrectly transferred to another account' as the issue. 


The National Payments Corporation of India (NPCI) provides valuable assistance to individuals seeking to resolve issues related to mistaken transactions. Through its escalation levels, including the option to file complaints with both the bank and NPCI, and the possibility of seeking intervention from the banking ombudsman if required, individuals have avenues for swift resolution.