UPI Payment Failed But Money Deducted, Banks May Have To Pay ₹100 Daily Compensation For Delayed Refunds
New Delhi: Unified Payments Interface (UPI) has become one of India's most popular payment methods. However, failed transactions can create problems when money is deducted from a customer's bank account but does not reach the recipient. According to Reserve Bank of India (RBI) rules, banks may have to pay compensation of Rs 100 per day if failed UPI transactions are not reversed within the…
We haven't written up this one. Free Press Journal has the full story — the link below goes straight to it.
