Friday, June 20, 2025
No Result
View All Result
NEWSLETTER
Media Hindustan
  • Home
  • Politics
  • Sports
  • Business
  • Technology
  • TOP News
  • Entertainment
  • Biography
    • Bollywood
    • Politicisation
    • Other
  • Astrology
  • Weather
  • Home
  • Politics
  • Sports
  • Business
  • Technology
  • TOP News
  • Entertainment
  • Biography
    • Bollywood
    • Politicisation
    • Other
  • Astrology
  • Weather
No Result
View All Result
Media Hindustan
No Result
View All Result
Home Business

How To Recover Money Sent To A Wrong Number?

by admin
03/07/2024
in Business
0
How To Recover Money Sent To A Wrong Number

How To Recover Money Sent To A Wrong Number

Share on FacebookShare on Twitter

Accidentally sending money to the wrong account in India can be a nerve-wracking experience. Therefore, it is important to approach the situation correctly by acting as fast as possible and following the appropriate steps. This post has all the steps on how to recover money sent to a wrong number in India.

How to Recover Money Sent to a Wrong Number via UPI?

Here are some steps that you should follow if you sent money via UPI:

    • Reach out to the person:

Make an effort to contact the person who mistakenly received the funds. And if you can somehow reach that person, explain your situation to them and kindly ask them to refund the money to you.

    • Report the issue to your UPI app:

Search your UPI app and find a section named “Raise a complaint” or “Dispute resolution.” There, report your mistake detailing the wrong transaction and including its time and date, as well as the amount and reference ID.

    • Contact NPCI (National Payments Corporation of India):

If the UPI app doesn’t resolve the issue, you can address it through NPCI, the central unit for UPI transactions. NPCI website >> UPI >> UPI Dispute Redressal Mechanism. Make a formal complaint stating all the transaction information and all the communication between you and the receiver.

    • Talk to Your Bank (PSP – Participating Service Provider):

If all else fails, contact your bank (your UPI-linked bank). Describe the situation and ask for a “chargeback” – a reversal of the transaction. They might follow their internal rules, and banks may also have their own processes for these situations.

Recovering Money Sent via Traditional Bank Transfer

To recover money sent via traditional bank transfer, i.e. a wrong NEFT, RTGS, or IMPS transfer, follow these steps:

    1. Inform the Bank Immediately:

Call your bank’s customer care number as soon as possible and explain the complete situation to them.

    2. File a Written Complaint:

Do not be satisfied with just the call. In the end, send in a written complaint about the situation and request a reimbursement of your funds. This puts pressure and creates a paper trail, which is necessary to increase the chances of success.

    3. The Bank’s Role:

If the money has been transferred to another savings account of the same bank, the process of reversal can be initiated directly within your bank. However, whether inter-bank transfers are successful depends on the recipient’s and bank’s cooperation. Your bank will file a complaint through its internal system, and your responsibility is to remain in regular communication and provide any other information.

    4. Keep Following Up:

Stay on top of the efforts and maintain records of conversations and complaints filed to build a case. For the conference, compile records of phone calls to the bank and the reference numbers. Keep your cool and continue the approach in a professional manner to maintain a friendly atmosphere and cooperation from the recipient and the bank.

Additional Tips for Recovery

    • Save Evidence:

Keep records of phone calls, emails, and complaint reference numbers to demonstrate you have done your best to recover the money.

    • Be Polite and Patient:

Patience is necessary even when you are at the end of the process. This increases the odds of cooperation from both the recipient and the bank.

    • Little Room for Inter-Bank Transfer:

Retrieving money transferred to an account in another bank can be stricter and take longer. However, success is contingent upon the recipient wanting to return the money. It can be beneficial to know the type of transfer method employed (NEFT, RTGS, IMPS). NEFT transfers are a bit slower than RTGS, which can be quite useful to depositors because it increases the chances of intervention for recipients who are about to withdraw the transferred funds.

Preventive Measures to Follow

Here are some tips to prevent such inconveniences from happening the next time:

    • Verify Beneficiary Details:

Verify the beneficiary’s account number and IFSC code very well before initiating the transfer. Save the most common beneficiary details locally in your UPI app or bank portal to minimise the number of entries required to initiate a payment. Prominent banks such as ICICI Bank provide such facilities to save the beneficiary. However, it is strongly recommended not to trust even saved entries blindly and to verify before confirming.

    • Check Transaction Details:

When you transfer money, immediately either take a screenshot of the confirmation screen or save the transaction details. This can serve as a reference in case any problems occur.

Legal Option as the Last Resort

If all attempts to recover the money via the use of banking channels and NPCI fail, the only remaining option may be legal action. However, this option can be time-consuming and expensive. Consult with a lawyer to ascertain the feasibility of the option and the price it may incur. Here’s what the process looks like:

    1. The Lawyer Consultation:

It is necessary to consult a financial legal specialist. They will help you evaluate the situation, decide whether you can pursue other legal actions, and guide you through the legal process.

    2. Warning to Addressee:

The recipient will also receive a letter indicating they need to pay back the amount. It serves as official proof of your claim and may prompt them to work with you before things go to court.

    3. Civil Suit:

If such a notice is ignored, the aggrieved party can file a civil suit to claim the money back. It can be a long and heavy process, so make sure to decide with your lawyer based on a cost-benefit analysis.

Final Thoughts

Recovering money sent to the wrong number in India is feasible, provided that the sender acts promptly and follows the appropriate channels to do so. If you follow the steps described in this post, recovering money from a wrong number should not be overly complex or costly. All that matters is that the sender acts quickly, persistently, and remains professional throughout.

If you want to keep your funds secure and earn savings account interest rates, then check out ICICI Bank’s Savings Account now!

admin

admin

Popular Posts

₹50 Lakhs Business Loan Approval

₹50 Lakhs Business Loan Approval: What You Must Know

by admin
19/06/2025
0

Learn how to meet lender requirements, avoid rejection, and get approved for a ₹50 Lakhs business loan with ease. Getting...

Online Stock Market Courses

Why Online Stock Market Courses Are Essential for Aspiring Investors

by admin
18/06/2025
0

Learning how to invest in the stock market can feel confusing, especially if you're just getting started. There are terms...

start-ups Consider Group Insurance

Should Start-ups Consider Group Insurance?

by admin
18/06/2025
0

For start-ups, every decision counts. Whether it’s choosing the right tech stack or setting up a team culture, each choice...

Different Types of Commercial Truck Insurance in India

Different Types of Commercial Truck Insurance in India

by admin
10/06/2025
0

Every mile your truck travels not just carries cargo, it also carries your business. Whether you're hauling raw materials, perishables,...

Start Investing in Bonds Online: Fixed Returns, Low Risk & High Transparency

Start Investing in Bonds Online: Fixed Returns, Low Risk & High Transparency

by admin
05/06/2025
0

When deciding where to invest your hard-earned money, it’s clear that stocks can be unpredictable, and bank fixed deposits often...

Comparing Personal Loans from Top Banks for 3 Lakhs

Comparing Personal Loans from Top Banks for 3 Lakhs

by admin
30/05/2025
0

You can get a Rs 3 lakh personal loan from most of the scheduled commercial banks, as well as NBFCs...

Next Post

Reliable Home Energy: How to Select the Ideal Power Inverter for Home?

Chennai City Gangsters Tamil Film Box Office Collection Day 1, hit or flop?
Entertainment

Chennai City Gangsters Tamil Film Box Office Collection Day 1, hit or flop?

by Vaishnavi Yadav
19/06/2025
0

Chennai City Gangsters is a tamil comedy film directed by Vikram Rajeshwar and Arun Keshav. The film is produced by...

Read moreDetails
Kalave Mosagara Kannada Film Box Office Collection Day 1, hit or flop?

Kalave Mosagara Kannada Film Box Office Collection Day 1, hit or flop?

19/06/2025
United Kingdom of Kerala Malayalam Film Box Office Collection Day 1, hit or flop?

United Kingdom of Kerala Malayalam Film Box Office Collection Day 1, hit or flop?

19/06/2025
₹50 Lakhs Business Loan Approval

₹50 Lakhs Business Loan Approval: What You Must Know

19/06/2025
Sitaare Zameen Par Bollywood Film Box Office Collection Day 1, hit or flop?

Sitaare Zameen Par Bollywood Film Box Office Collection Day 1, hit or flop?

19/06/2025
Media Hindustan

© 2024 All Rights Reserved by Media Hindustan. Designed by Rohido Media

Reach Us

  • Home
  • Contact us
  • Career
  • Disclaimer
  • Terms and Conditions
  • Privacy Policy
  • About Media Hindustan

Follow Us

No Result
View All Result
  • Home
  • Politics
  • Sports
  • Business
  • Technology
  • TOP News
  • Entertainment
  • Biography
    • Bollywood
    • Politicisation
    • Other
  • Astrology
  • Weather

© 2024 All Rights Reserved by Media Hindustan. Designed by Rohido Media