Who will be fined Rs 100 if UPI money transfer fails?
RBI fines Rs100 for failure UPI money transfer – RBI’s new announcement
A post circulating on social media stated that the Reserve Bank of India has announced a fine of Rs 100 for failure UPI money transaction.
Memes and posts are stating that the government is taking money from the common people, as UPI money transfer fails. Readers are also being asked about its authenticity.
On April 18, 2021, a news item was published on the News18 website under the headline ‘Rs 100 penalty for failure to transfer UPI money’
It said, “According to the rules of the Reserve Bank, if a digital transaction fails, the money must be returned to the customer the next day. This means that the money must be returned on the same day from the date of the transaction. Failure to do so will result in compensation of Rs. 100 per day to the customer by the concerned bank and also if the money does not come back, you can complain about it. ”
In September 2019, a report was published on the Reserve Bank’s website stating that if the money transfer fails and the money is not returned, a compensation of Rs. 100 should be credited to the users.
News18 Tamil News has reported that although the RBI had announced compensation in 2019, it had responded to a question on Twitter about the failure of the current UPI money transfer on its Twitter page about Rs 100 in compensation. They are misunderstood by their title.
The rule is that if the UPI money transfer fails and the money does not return to the bank account within one day, the bank will have to pay Rs 100 as compensation per day to the users.
In our search, it is misunderstood that the Reserve Bank has issued a new notice of Rs 100 penalty for failure to transfer UPI money. The penalty amount is not for the users, it is for the banks.
The rule is that if the UPI money transfer fails and the money does not return from the bank account within one day, the bank will have to pay Rs 100 as compensation per day to the users.