Bank to pay penalty on failed UPI transactions

Описание: Learn how to claim compensation for failed transactions as per RBI guidelines.

The Reserve Bank of India (RBI) is responsible for regulating and supervising the banking sector in India. In September 2019, the RBI issued a circular regarding the harmonization of Turn Around Time (TAT) and customer compensation in case of failed transactions.

This circular aims to ensure that customers are not inconvenienced when they make a payment and their account is debited, but the receiver's account is not credited.

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