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How to initiate refund in case of a wrong online transaction
15-Feb-2023 (In Banking / Finance Law)
I have done one transaction through IMPS, but by mistakenly given wrong ifsc code. Unfortunately there exist a same account no. in the other bank with the wrong ifsc code which i had provided. As the payee got confirmed, immediately i had transferred a sum of 50k, but it got transferred to the unknown account, which i got to know is in dormant status. i have been to the bank with this issue, initially they told they'll revert the money back, but there has been no action yet (its been more than two week). Now is there any legal way to get the money back by pressuring the bank, as the beneficiary's name doesnt match. so that things can go faster, and many can be get back as early as possible. Or is there any other way to deal with the situation cause i dont have much knowledge about this whole sad situation. It will be very helpful if you can provide with a solution to get the money back.
Hi, If the account is in dormant status they can only revert the transaction once the KYC form submitted by the actual customer. ie., account needs to be live. IMPS system is different from NEFT/RTGS where all the customer detail should match before money get transferred to another. You need to send legal notice to the branch asking for customer info. before any action. you need to talk to banking lawyer to resolve this issue as early as possible.
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