Failed UPI transactions? Banks to pay Rs 100 per day penalty for delay beyond 2 days

I II III IV 1 Automated Teller Machines (ATMs) together with Micro-ATMs (*100*)a

(*100*)Customer’s account debited however money not allotted.

(*100*)Pro-active reversal (R) of failed transaction inside a most of T + 5 days.

(*100*)₹ 100/- per day of delay beyond T + 5 days, to the credit score of the account holder. 2 Card Transaction (*100*)a Card to card switch

Card account debited however the beneficiary card account not credited.

(*100*)Transaction to be reversed (R) newest inside T + 1 day, if credit score will not be effected to the beneficiary account.

(*100*)₹ 100/- per day of delay beyond T + 1 day. (*100*)b Point of Sale (PoS) (Card Present) together with Cash at PoS

Account debited however affirmation not obtained at service provider location i.e., charge-slip not generated.

Auto-reversal inside T + 5 days. ₹ 100/- per day of delay beyond T + 5 days. (*100*)c Card Not Present (CNP) (e-commerce)

Account debited however affirmation not obtained at service provider’s system.

3 Immediate Payment System (IMPS) (*100*)a

(*100*)Account debited however the beneficiary account will not be credited.

(*100*)If unable to credit score to beneficiary account, auto reversal (R) by the Beneficiary financial institution newest on T + 1 day.

(*100*)₹100/- per day if delay is beyond T + 1 day. 4 Unified Payments Interface (UPI) (*100*)a

(*100*)Account debited however the beneficiary account will not be credited (switch of funds).

(*100*)If unable to credit score the beneficiary account, auto reversal (R) by the Beneficiary financial institution newest on T + 1 day.

(*100*)₹100/- per day if delay is beyond T + 1 day. (*100*)b

(*100*)Account debited however transaction affirmation not obtained at service provider location (cost to service provider).

(*100*)Auto-reversal inside T + 5 days.

(*100*)₹100/- per day if delay is beyond T + 5 days. 5 Aadhaar Enabled Payment System (together with Aadhaar Pay) (*100*)a Account debited however transaction affirmation not obtained at service provider location. Acquirer to provoke “Credit Adjustment” inside T + 5 days. ₹100/- per day if delay is beyond T + 5 days. b Account debited however beneficiary account not credited. 6 Aadhaar Payment Bridge System (APBS) (*100*)a

(*100*)Delay in crediting beneficiary’s account.

(*100*)Beneficiary financial institution to reverse the transaction inside T + 1 day.

(*100*)₹100/- per day if delay is beyond T + 1 day. 7 National Automated Clearing House (NACH) (*100*)a

(*100*)Delay in crediting beneficiary’s account or reversal of quantity. Beneficiary financial institution to reverse the uncredited transaction inside T + 1 day. ₹100/- per day if delay is beyond T + 1 day. (*100*)b

(*100*)Account debited regardless of revocation of debit mandate with the financial institution by the client. Customer’s financial institution will probably be accountable for such debit. Resolution to be accomplished inside T + 1 day. 8 Prepaid Payment Instruments (PPIs) – Cards / Wallets (*100*)a Off-Us transaction

The transaction will trip on UPI, card community, IMPS, and many others., because the case could also be. The TAT and compensation rule of respective system shall apply.

(*100*)b On-Us transaction

Beneficiary’s PPI not credited.

PPI debited however transaction affirmation not obtained at service provider location.

(*100*)Reversal effected in Remitter’s account inside T + 1 day.

(*100*)₹100/- per day if delay is beyond T + 1 day.