Have you sent money to wrong account? Don't worry! Here's HOW to get it back

New Delhi: Gone are the days when you have to stand in line for an hour at the banks for transactions. Now United Payment Interface (UPI), Net banking, and mobile wallets have reduced the difficulties related to banking transactions to a great extent. Along with the growing acceptance, risks have also grown.

Many times, while transferring, amounts are transferred into the wrong account. Sometimes this happens in banking fraud as well. In this case, you can get the amount back. Let us have a look at the process.

RBI new guidelines

As per the new guidelines of RBI, it is the responsibility of the bank to refund your money within 48 hours. If the bank does not help in getting the money back, the customer can complain at bankingombudsman.rbi.org.in. You can give a complaint letter to the bank for the wrong transactions.

You have to mention the account number, the name of the account holder, transaction reference number, date of transaction, amount and IFSC code, and the account number in which the transaction has been done unintentionally.

Legal process

There is also a legal way to get your money back. If the person in whose account money has been transferred by mistake, refuses to return it, a case can also be filed against him. However, in the case of a non-refund of money, this right is considered a violation of the Reserve Bank rules.

As per the guidelines of the Reserve Bank of India, it is the responsibility of the linker to give correct information about the beneficiary's account. If for any reason, the linker makes a mistake, the bank is not considered responsible for it.