Bank deducted money but it did not get credited, what to do

664 votes

These are a nowadays common issue that UPI transaction was failed but still money from the bank account was debited. If that happens to you, there is no need to panic because when a transaction gets declined or failed for some reason, money is refunded back to the default account. At times it takes longer than it usually takes to get the refund amount back in the bank account. In case the refund has not credited back, you should contact your bank’s support to inquire about the transaction. You give them the UTR or transaction reference number to get exact reason why it failed and why it hasn’t been credited back to the account.

Please Note that in case of the failed transaction, The Bank from which the money is deducted is responsible for refunds.So kindly report the issue immediately to the bank and get the complaint number and save it for future reference. As even after your, complaint Bank is not responding properly or Staff misbehaves, Kindly complaint this to the NPCI (National Payment Corporation of India).

Advocate Darsh Pareek LawRato

507 votes

Hello,
Regards.
This is a common problem in online transaction. You have to make a complaint in app's customer care center and also make a written complaint to your bank for such transaction. if still they dose not give any response than a legal notice should be issue against the bank as well as the app company.

Advocate Hemant Kumar Joshi LawRato

977 votes

This is a deficiency in service and comes under the consumer disputes. If your problem is not solved even after written complaint, you should file consumer complaint before a proper forum of your jurisdiction. If you are in Jaipur, you may contact us.

Advocate Syed Zakawat Ali LawRato

233 votes

When your bank account shows that money has been debited but not credited to the intended beneficiary or not credited back to your account, it can be a concerning situation. Here are the steps to take if you find yourself in this situation:

1. Check Transaction Status: Start by verifying the status of the transaction through your bank's mobile app, internet banking portal, or by contacting customer support. Sometimes, delays can occur due to technical issues.
2. Contact Customer Support: If the transaction is not reflected correctly, contact your bank's customer support immediately. Provide them with all the necessary details, including transaction reference numbers, dates, and beneficiary information.
3. Initiate a Complaint: If the bank does not resolve the issue promptly, you can initiate a formal complaint with your bank. Most banks have a grievance redressal process that you can follow. Keep records of all communication with the bank.
4. Use the Ombudsman: If your complaint remains unresolved, you can escalate the matter to the Banking Ombudsman appointed by the Reserve Bank of India (RBI). The Ombudsman can help mediate and resolve disputes between customers and banks.
5. Legal Action: As a last resort, you may consider legal action if the bank does not address your concerns adequately. Consult with a lawyer specializing in banking and finance matters for guidance.
6. Stay Informed: Keep yourself informed about the progress of your complaint or dispute. Banks are obligated to provide you with updates on the status of your complaint.
7. Preventative Measures: To avoid such situations in the future, double-check beneficiary details before making transactions, and ensure your bank's contact information is up to date.

It's essential to remain patient and persistent while pursuing a resolution. The banking ombudsman and legal action should be considered if your issue remains unresolved.
Always maintain clear records of transactions, communication with the bank, and any complaints filed, as these can be crucial when seeking a resolution to such problems.
Remember that banks are regulated entities, and they are obligated to resolve legitimate issues promptly and fairly.

Advocate Chikirsha Mohanty LawRato