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UPI Payment Failed But Money Deducted, Banks May Have To Pay ₹100 Daily Compensation For Delayed Refunds

UPI Payment Failed But Money Deducted, Banks May Have To Pay ₹100 Daily Compensation For Delayed Refunds
Photo: Free Press Journal · view original

New Delhi: Unified Payments Interface (UPI) has become one of India's most popular payment methods. However, failed transactions can create problems when money is deducted from a customer's bank account but does not reach the recipient. According to Reserve Bank of India (RBI) rules, banks may ha...

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