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Compensation for all kind of transaction failures: RBI circular

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navkr

You can find the details of Turn around time and customer compensation fo rany failed transaction using authorised payment system.
https://m.rbi.org.in//Scripts/NotificationUser....

I would like to highlight that for failed UPI transaction if amount is not added to your account within 5 working days then bank will have to pay Rs 100 er day as interest till the amount is credited (afrer 5 days)https://cdn0.desidime.com/attachments/photos/657866/medium/Screenshot_2021-01-01-19-04-21-542_com.google.android.apps.docs.jpg?1609508073

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Deal Captain Deal Captain
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Atleast First get my principle money back compensation comes later, 45 days gone still 20768 is stuck with Mobikwik with no proper replies from their incompetent twitter customer service. Even no Replies from RBI Ombudsman and Consumer Forum of Umang App which were raised 2 days Back. Raised complaint on BHIM UPI Portal, No Replies from there as well

Deal Captain Deal Captain
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navkr wrote:

This is for you guys @ramadesidime @animesh7785474 @letsrockhero @saucap @Sudarshan61 @hacker96 @R0417 @nuhearts @Dealo @LIMBO @chiraggyl170 @onlineuser7 @DEVIL10 @ULYSSES @abhishek012 @shubhamgarg19 @soccergiants

already posted, If your UPI transaction failed then you will get compensation from bank - https://www.desidime.com/discussions/if-your-up...

Deal Subedar Deal Subedar
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soccergiants wrote:

Atleast First get my principle money back compensation comes later, 45 days gone still 20768 is stuck with Mobikwik with no proper replies from their incompetent twitter customer service. Even no Replies from RBI Ombudsman and Consumer Forum of Umang App which were raised 2 days Back. Raised complaint on BHIM UPI Portal, No Replies from there as well

Raise a complain with Banking Ombudsman sit back and enjoy I say ..
You will get both the principal and the penalty .. It takes some time but it works

Deal Captain Deal Captain
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Sudarshan61 wrote:

Raise a complain with Banking Ombudsman sit back and enjoy I say ..
You will get both the principal and the penalty .. It takes some time but it works

Already raised. No update as of Now. But I think they take minimum 30 days to take up the case I only lodged 2 days Back. So hopeful of some positive update from there.

Deal Cadet Deal Cadet
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soccergiants wrote:

Atleast First get my principle money back compensation comes later 45 days gone still 20768 is stuck with Mobikwik with no proper replies from their incompetent twitter customer service. Even no Replies from RBI Ombudsman and Consumer Forum which were raised 2 days Back.

Better to put it with consumer forum as service is not delivered.
Tag shieldvoc on twitter along with them. And raise it in umang app

Deal Subedar Deal Subedar
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what was payment method used?

Deal Captain Deal Captain
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navkr wrote:

Better to put it with consumer forum as service is not delivered.
Tag shieldvoc on twitter along with them. And raise it in umang app

I raised that in Umang App 2 days Back.

Deal Cadet Deal Cadet
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Ministry of Consumer Affairs, Food and Public Distribution notified the provisions of the Consumer Protection (E-Commerce) Rules, 2020 (Rules) vide notification dated July 23, 2020 under Consumer Protection Act, 2019 (Act). The intention of notifying the Rules is to complement the Act by regulating all e-commerce transactions and activities. The primary objective of the Rules is to regulate all e-commerce entities and lay down duties and liabilities of e-commerce entities, marketplace e-commerce entities and sellers selling goods and services on such marketplaces.

Applicability
The Rules apply to all e-commerce transactions involving goods and services (including digital products), all types of e-commerce models (including marketplace, inventory, single brand retail, multi-channel single brand retail models). The Rules also extend to e-commerce entities that are not established in India, but systematically offers goods and services to consumers in India.

Duties/liabilities of E-commerce entities
An e-commerce entity is defined as any person who owns, operates, or manages digital or electronic facility or platform for electronic commerce, but does not include a seller offering his goods or services for sale on a marketplace e-commerce entity. An e-commerce entity should be registered as a company in India; or registered as a foreign company under the Companies Act, 2013; or an office, branch, or agency outside India owned or controlled by a person resident in India (as per Section 2(v)(iii) of FEMA. E-commerce entities are required to fulfil certain duties, as provided in Rule 4, which inter alia include the following:

Nodal officer: Every e-commerce entity is required to appoint a nodal person of contact or an alternate senior designated officer, who is an Indian resident, to ensure compliance with the Act and Rules.
Display of information: Every e-commerce entity should, on its platform, display in a clear and accessible manner its legal name, address of its headquarters and branch offices, name and details of its website and contact details of the customer care and grievance officer.
Grievance redressal mechanism: Every e-commerce entity is required to establish an adequate grievance redressal mechanism and appoint a grievance officer, who shall acknowledge all consumer complaints within 48 hours of receipt and redress consumer complaints within 1 month from the date of receipt thereof.
Restrictions: E-commerce entities are prohibited from:
Adoption of unfair trade practice, whether in course of business or otherwise
Levying cancellation charges on consumers after confirming purchase, unless similar charges are borne by the entity itself, if they cancel orders unilaterally
Manipulating the price of the goods or services offered on its platform so as to gain unreasonable profit by imposing any unjustified price on consumers
Discriminating between consumers of the same class or make any arbitrary classification of consumers which affects their rights under the Act
Recording the consent of its consumers for purchase of goods/services on its platform by automatically including these in the form of pre-ticked boxes
Liabilities of marketplace e-commerce entities
Marketplace e-commerce entity means an e-commerce entity which provides an information technology platform on a digital or electronic network to facilitate transactions between buyers and sellers. Such entities can reap the benefits of being an intermediary and avail exemptions granted to intermediaries from being liable in certain cases, by complying with the provisions of Section 79 of the Information Technology Act, 2000 and the Information Technology (Intermediary Guidelines) Rules, 2011. Pursuant to Rule 5, marketplace e-commerce entities shall:

Obtain an undertaking from its sellers to the effect that the descriptions, images, and other content pertaining to goods or services on their platform are accurate and corresponds directly with the appearance, nature, quality, purpose and other general features of such good or service
Display on its platform, in a clear and accessible manner:
Details of the sellers
Ticket number for consumer complaints enabling consumers to track the status of such complaints
Information on refunds, returns, exchanges, warranty and guarantee, delivery and shipment, modes of payment, and grievance redressal mechanism
Information on secured payment methods, applicable fees and charges, procedure to cancel payments, charge back options and contact information of the payment service provider
Parameters used to determine the ranking of the goods or sellers on is platform
Information required to be provided by the sellers as specified in Duties of sellers
Take reasonable efforts to maintain a record of relevant information on the identification of all sellers who have repeatedly offered goods or services that have previously been removed or access to which has previously been disabled under the Copyright Act, 1957 (14 of 1957), the Trade Marks Act, 1999 (47 of 1999) or the Information Technology Act, 2000 (21 of 2000).
Liabilities of inventory e-commerce entities
An inventory e-commerce entity means an e-commerce entity which owns the inventory of goods or services and sells such goods or services directly to the consumers, including single brand retailers and multi-channel single brand retailers. Inventory e-commerce entities are subject to similar duties as that of sellers on marketplaces as set out above under duties of sellers. Additionally, an inventory e-commerce entity which explicitly or implicitly vouches for the authenticity of the goods or services sold by it, or guarantees that such goods or services are authentic, shall bear appropriate liability in any action related to the authenticity of such good or service.

Duties and liabilities of sellers
As per Rule 6, sellers on marketplaces shall:

Not adopt any unfair trade practices and
Not falsely represent themselves as consumers and post reviews or misrepresent the quality or features of any goods and services
Not refuse to take back goods, or withdraw or discontinue services purchased or agreed to be purchased, or refuse to refund consideration, if paid, in case the goods and services are defective in any manner or if the goods are delivered late (except on account of force majeure events)
Execute a prior written contract with the e-commerce entity before transacting on its platform
Appoint a grievance officer and establish a grievance redressal mechanism
Ensure that advertisements are consistent with actual characteristics of goods and services being sold
Provide to the e-commerce entity (to be displayed on its platform and website):
All contractual information to be disclosed by law
Total price of the goods and services, including a break-up of all compulsory and voluntary charges
All mandatory notices and information provided by applicable laws
Expiry date of the goods and details of guarantees and warranties, wherever applicable
All relevant details of the goods including country of origin
Name and contact details of the grievance officer
Details in relation to the import of goods, guarantee related to the authenticity of the import
Accurate details on terms of exchange, returns, shipment, refund and delivery of goods and services

Pro Shopping Friend Pro Shopping Friend
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soccergiants wrote:

Atleast First get my principle money back compensation comes later, 45 days gone still 20768 is stuck with Mobikwik with no proper replies from their incompetent twitter customer service. Even no Replies from RBI Ombudsman and Consumer Forum of Umang App which were raised 2 days Back. Raised complaint on BHIM UPI Portal, No Replies from there as well

Mobikwik not responding is ridiculous, its big amount, at least they should say where the problem is?

Deal Captain Deal Captain
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Sudarshan61 wrote:

Did you raised with hdfc ? They will atleast respond

No haven’t raised there as mobikwik hasn’t once said they have not received funds or transaction is failed.

Deal Captain Deal Captain
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caks2006407 wrote:

Mobikwik not responding is ridiculous, its big amount, at least they should say where the problem is?

Everyday same copy paste reply.
“We didn’t intend to deliver such an unpleasant experience. Moreover, our respective team is working on your concern on the utmost priority and we shall get back to you soon on this. We solicit your support and understanding in this regard. Thanks.”

Deal Subedar Deal Subedar
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soccergiants wrote:

No haven’t raised there as mobikwik hasn’t once said they have not received funds or transaction is failed.

I still think you should raise with HDFC… MobiKwik is just intermediatary here…Bank is HDFC and payment destination is your credit card.

Deal Cadet Deal Cadet
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There should be regulation for Turn around time for refund from e commerce sites but unfortunately it is not yet there.

Deal Cadet Deal Cadet
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but still service is provided by mobikwik and if amount is not credited to Credit card definitely it is with mobikwik

Deal Captain Deal Captain
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soccergiants wrote:

Everyday same copy paste reply.
“We didn’t intend to deliver such an unpleasant experience. Moreover, our respective team is working on your concern on the utmost priority and we shall get back to you soon on this. We solicit your support and understanding in this regard. Thanks.”

Is it showing in mobikwik transaction history??
Hdfc themselves say mobikwik as one of their approved upi handles.
Ref:. https://www.hdfcbank.com/personal/pay/money-tra...
Hdfc being original source should know where money is sitting.
If they have to follow rbi instructions, who has to pay the penalty in this case ?
@guest_999
Had once same issue with Google pay, it took more than 30 days to get the refund.

Deal Captain Deal Captain
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Sudarshan61 wrote:

I still think you should raise with HDFC… MobiKwik is just intermediatary here…Bank is HDFC and payment destination is your credit card.

+1

Deal Captain Deal Captain
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Sudarshan61 wrote:

I still think you should raise with HDFC… MobiKwik is just intermediatary here…Bank is HDFC and payment destination is your credit card.

Raising that now.

Deal Cadet Deal Cadet
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navkr wrote:

@harshit0509 this is for you TAT

They give 10k back that is enough for me , I filled compensation as 0 in banking ombudsman form.

Deal Cadet Deal Cadet
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harshitag12 wrote:

They give 10k back that is enough for me , I filled compensation as 0 in banking ombudsman form.

They will have to comply for Rs 100 interest per day you can follow the steps as per rbi.

Deal Cadet Deal Cadet
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navkr wrote:

They will have to comply for Rs 100 interest per day you can follow the steps as per rbi.

But my transaction was using debit card , I don’t think it has Rs 100 per day penalty.

Deal Cadet Deal Cadet
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harshitag12 wrote:

But my transaction was using debit card , I don’t think it has Rs 100 per day penalty.

Check the link for complete details

Deal Cadet Deal Cadet
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navkr wrote:

Check the link for complete details

Link is opening – rbi.org.in

Deal Cadet Deal Cadet
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harshitag12 wrote:

Link is opening – rbi.org.in

Yes and on the page you will bevable to see details about failed debit card transaction also.

Missing