Failed UPI Transactions? Banks are going to pay Rs. 100 per day penalty for delay beyond 2 days

By April 1, The Financial year has came to an end. But at few banks , some UPI and IMPS transactions had  been failed. Because of these troubles which are facing by the customers . A tweet had posted by The National Payments Corporation of India, in that it was observed that most of the  bank systems came back to it’s normal state by evening of April 1, while this was happening  that the customers may avail of some uninterrupted  IMPS &UPI services.

                   In the reply sections, many of the customer had given queries that they were not received their failed transactions back. According to the guidelines given by the RBI that Harmonisation of Turn Around Time (TAT) & Customer compensations for their failed transactions,. If the bank is not paying this Or if it was unable to pay, then auto- reversal by the Beneficiary bank latest on T+1 day Rs. 100 per day as penalty will be paid if delay  is beyond T+1 day.

Description of the incidents……..

  • Automated Teller Machines ( including Micro ATM)
  • Card Transactions
  • Immediate Payment Interface
  • Aadhar Enabled Payment System ( including aadhar pay)
  • Aadhar  Payments Bridge System (APBS)
  • Prepaid Payment Instruments

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