RTGS transaction 5 lakh disappeared

Savings Mentor

Did RTGS transaction of 5 lakh from Indian Overseas Bank to Union Bank at 10:22 AM in the morning. Amount got debited immediately but not credited for a FREAKING 15 hours. I freaked out and emailed/complained at a dozen emails after visiting both branches after they said they couldn't trace it.

Amount got credited 15 hours later at 1:08 AM. In fact when I wrote this post, it was still missing. Edited it after it arrived within minutes of writing this post. 

RTGS is a FAIL. It's not real-time, nor reliable. I will always use IMPS from now on even if there's a maximum amount limit of 2 lakh still at many banks. If/when IMPS fails, the debited amount gets credited back at once right?

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Any update on this?

Generous Generous
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I feel like this might have happened due to some technical error at IOB/Union Bank. Never faced such an issue with SBI/ICICI/Kotak/HDFC.

Sometimes issue faced via BOB/BOI, but they do revert the transaction in 24H.

Savings Mentor Savings Mentor
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Well as I said above, the amount got credited but it was 15 hours later and after IOB taking ₹29 fee for it. But the amount had gotten debited instantly from IOB, so I think Union Bank or RBI (who maintains RTGS) is at fault here?

According to RBI’s FAQ on RTGS, “In the event of any delay or loss on account of error, negligence or fraud on the part of an employee of the destination bank in the completion of funds transfer pursuant to receipt of payment instruction by the destination bank leading to delayed payment to the beneficiary, the destination bank shall pay compensation at current RBI LAF Repo Rate plus two per cent for the period of delay. In the event of delay in return of the funds transfer instruction for any reason whatsoever, the destination bank shall refund the amount together with interest at the current RBI LAF Repo Rate plus two per cent till the date of refund.”

Now I don’t want any compensation or anything, I am just happy I didn’t lose money, but I expect at least an apology from Union Bank. I doubt they give a damn about it since their customer care or grievance officers didn’t even bother to respond, nor did anyone at RBI. Only IOB responded quickly.

Super Stud Super Stud
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You are an HNI, hence bank apologized.

Helpful Helpful
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If/when IMPS fails, the debited amount gets credited back at once right

Nope even that takes upto 48 hours for refund if it fails.

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upi fail took me 2 weeks ... 
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