UPI failed transaction - how to apply for Refund?

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I am facing an issue of failed UPI transaction for which refund is not received and almost 2 weeks completed. I wrote so many mails to ICICI customer care but no proper response received.

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Will I receive any compensation along with the refund? As I should have received refund within two working days of txn

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GoogleDD wrote:

Will I receive any compensation along with the refund? As I should have received refund within two working days of txn

compensation

Don’t think so.

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What app did you use and for what?

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Pockets wallet UPI to Lazypay merchant

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I am guessing you have already used that “raise dispute or something like that” option, right?

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GoogleDD wrote:

Will I receive any compensation along with the refund? As I should have received refund within two working days of txn

Yes, if your UPI transaction is failed and refund not credited within few days. bank now give compensation.

Rs100 per day. Already some dimers get compensation from DBS bank & Citi bank.

@DimeDime

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abhishek012 wrote:

Yes, if your UPI transaction is failed and refund not credited within few days. bank now give compensation.

Rs100 per day. Already some dimers get compensation from DBS bank & Citi bank.

@DimeDime

Really awesome info.
Is that mandated by RBI/NPCI?

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GoogleDD wrote:

Will I receive any compensation along with the refund? As I should have received refund within two working days of txn

U wil get compensation 150/days if settlement is delay at bank side.

Most of the times settlement is delay at merchant side only, in this case no settlement provided.

@abhishek012 kindly confirm

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DimeDime wrote:

Really awesome info.
Is that mandated by RBI/NPCI?

Yes npci has released a circular for same

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Compensation is a secondary thing. I should get the failed txn amount sweat_smile sweat_smile

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GoogleDD wrote:

Compensation is a secondary thing. I should get the failed txn amount sweat_smile sweat_smile

If there is a delay of more than 5 days in refund, then compensation theory applies. I kept following up with DBS for days but only got standard reply that ticket is opened. Then i left for a week or so and finally got there transaction refunded along with compensation after 2.5 weeks.

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Should I ask for compensation, or will they process it along with the refund? Mine is ICICI bank

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GoogleDD wrote:

Should I ask for compensation, or will they process it along with the refund? Mine is ICICI bank

It should be automatic, but if you dont receive along with original amount then do raise the issue with them citing RBI circular or any news article to issue compensation to you.

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GoogleDD wrote:

Will I receive any compensation along with the refund? As I should have received refund within two working days of txn

Yes u will as @abhishek012 said

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Guys I have refund for the failed transaction after 15 working days. But no compensation amount received pensive
Should I ask for it? If so, shall I send mail to Ombudsman pls suggest

Missing