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How do I get a refund from IMPS?
As per the circular, in case of failure of an IMPS transaction where customer account is debited but the beneficiary account is not credited, auto-reversal must be done in T+1 day, where T refers to the transaction date.
Can IMPS transfer be reversed?
It is almost impossible to reverse the funds once transferred via NEFT, RTGS or IMPS. If beneficiary account number to which you have transferred the funds is wrong; in that case, the funds will get reversed to your own account from which you have initiated the transaction.
How many days money will be refunded to bank for failed Internet banking transaction as per RBI?
In cases where a customer’s account has been debited but cash not dispensed from an automated teller machine (ATM), the bank will have to pro-actively reverse failed transactions within a maximum of T + 5 days or within five days of the failed transaction.
What should I do if my Imps transaction failed or pending?
No need to worry if there is a failed or pending IMPS transaction then wait for 48 hours and if still your money has not been refunded then make a online compalint through sbi complaints or contact your home branch and write a complete to the bank manager.
What is the time limit for reversing an IMPS transaction?
As per the circular, in case of failure of an IMPS transaction where customer account is debited but the beneficiary account is not credited, auto-reversal must be done in T+1 day, where T refers to the transaction date.
How long does NPCI take to refund a failed transaction?
As per replies by customers to the NPCI tweet, many whose transactions failed are still waiting for the amount to be credited back into bank accounts, two days later. In case you have experienced such a failed transaction you need to check the timeline allowed to your service provider to settle this issue.
How do I get my Imps refund from Axis Bank?
Make a note of your IMPS transaction ID, Date & time. Email the bank quoting the transaction-ID and request for refund. or if possible, visit the nearest branch and submit a request. Escalate if you don’t receive in 2 weeks. I got it back within few days with Axis Bank.