https://www.desidime.com/discussions/upi-refund-compensation-related?page=1#post_9095066
There is no such thing for merchant refunds (+ P2P transfer delays)
Edit: For P2P, beyond T+1 and P2M - T+5 : 100rs/day compensation
UPI Refund Compensation Related
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Flipkart has completed my UPI refund on 7th Feb but the same in not yet credited in my UPI linked HDFC Bank account.
Can i claim compensation in this Case?
I know, for delay in reversal of failed transaction there is a provision of Rs 100 per day compensation but not sure about merchant refunds.
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https://www.desidime.com/discussions/upi-refund-compensation-related?page=1#post_9097055
getready wrote:There is no such thing for merchant refunds (+
P2P transfer delays)Edit: For P2P, beyond T+1 and P2M - T+5 : 100rs/day compensation
Who provides this compensation? Banks or the sender (merchant or normal upi user in p2p)? If it is the latter case then seems very bad to increase burden on the sender
https://www.desidime.com/discussions/upi-refund-compensation-related?page=1#post_9097539
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hpgramani wrote:It is the banks. For failed transactions, the source bank is responsible and for delay in credit the destination bank.Who provides this compensation? Banks or the sender (merchant or normal upi user in p2p)? If it is the latter case then seems very bad to increase burden on the sender
https://www.desidime.com/discussions/upi-refund-compensation-related?page=1#post_9101180
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2years ago made a transaction of 4500 on gyftr-smartbuy via sbi card. Transaction Failed.
.
Received refund after about 1.5years after multiple contacts to all parties involved.
SBI said transaction successful, closed charge backs saying "Merchant bank confirmed transaction as successful", without naming the bank, as their policy doesn't allow.
Didn't bother to answer that even if transaction is successful, charge back deals with fulfillment of service.
.
Merchant said they didn't receive any payment.
.
Payment gateway (payu) didn't give any satisfactory and meaningful response either.. and couldn't find payu transaction id to check details on their site.
After about 1year+ some person from their social media team took details of transaction, refund bank details and said refund will be processed, which again took significant time.
.
but all this while, couldn't find out who exactly was at fault.. SBI, Gyftr-hdfcsmartbuy, payu.
getready wrote:But how to find out who is to blame..to ask for compensation?
It is the banks. For failed transactions, the source bank is responsible and for delay in credit the destination bank.
2years ago made a transaction of 4500 on gyftr-smartbuy via sbi card. Transaction Failed.
.
Received refund after about 1.5years after multiple contacts to all parties involved.
SBI said transaction successful, closed charge backs saying "Merchant bank confirmed transaction as successful", without naming the bank, as their policy doesn't allow.
Didn't bother to answer that even if transaction is successful, charge back deals with fulfillment of service.
.
Merchant said they didn't receive any payment.
.
Payment gateway (payu) didn't give any satisfactory and meaningful response either.. and couldn't find payu transaction id to check details on their site.
After about 1year+ some person from their social media team took details of transaction, refund bank details and said refund will be processed, which again took significant time.
.
but all this while, couldn't find out who exactly was at fault.. SBI, Gyftr-hdfcsmartbuy, payu.
https://www.desidime.com/discussions/upi-refund-compensation-related?page=1#post_9102853
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Ramesh1997 wrote:RBI says compensation will reflect in customer accounts Suo-moto but this never happens (Many bank officials got no idea about this thing). You got to make a complaint with RBI (via Ombudsman) for compensation
But how to find out who is to blame..to ask for compensation?
2years ago made a transaction of 4500 on gyftr-smartbuy via sbi card. Transaction Failed.
.
Received refund after about 1.5years after multiple contacts to all parties involved.
SBI said transaction successful, closed charge backs saying "Merchant bank confirmed transaction as successful", without naming the bank, as their policy doesn't allow.
Didn't bother to answer that even if transaction is successful, charge back deals with fulfillment of service.
.
Merchant said they didn't receive any payment.
.
Payment gateway (payu) didn't give any satisfactory and meaningful response either.. and couldn't find payu transaction id to check details on their site.
After about 1year+ some person from their social media team took details of transaction, refund bank details and said refund will be processed, which again took significant time.
.
but all this while, couldn't find out who exactly was at fault.. SBI, Gyftr-hdfcsmartbuy, payu.
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