There have been numerous unfortunate incidents wherein people were duped of several lakhs of rupees from their account through UPI transfer or other such mediums.
We have good news for users of such digital payment apps and all the victims – RBI has announced that in case such incidents occur, the exact amount of money will be reimbursed to the victim by the eWallet company.
Demonetization gave birth to a lot of online payment platforms, like PhonePe, GooglePay, Paytm, AmazonPay where one can transfer money from one eWallet to another, thus wiping out the need of actual cash. These apps and websites slowly progressed to UPI payments, which enables users to transfer and receive money directly through their bank accounts.
New Rules by the RBI
There is a set of rules set by the Government, to avoid such mishaps in future:
Given that a customer faces a mishap due to negligence/deficiency/fraud on the mobile wallet company, and reports the wrong transaction within 3 days, the entire amount will have to be refunded by the company……..Read More>>