6 hrs ago
Seven Bank Transactions to Check and Report Immediately
You should regularly check your bank account for payments you do not recognise.
Tell your bank quickly if you see an unauthorised debit, UPI payment or ATM withdrawal.
If an ATM takes money but gives no cash, the bank should return it within five calendar days after the transaction day.
If the return is late, you may receive ₹100 for each day of delay.
A UPI transfer that does not reach the recipient should usually be reversed by the next day.
A UPI shop payment without confirmation should usually be reversed within five days.
Do not pay again before checking the first transaction’s status.
You should also review subscriptions and other recurring payment mandates.
If the bank does not resolve the complaint, you may approach the RBI Integrated Ombudsman mechanism after using the bank’s grievance process.
Report unauthorised debits, unfamiliar UPI payments and unrecognised ATM withdrawals to your bank immediately.
An ATM debit without cash should be reversed within T+5 calendar days, with ₹100 daily compensation for delays.
A failed UPI fund transfer should be auto-reversed by T+1 day if the recipient’s account was not credited.
A debited UPI merchant payment without confirmation should be reversed within T+5 days, with ₹100 daily compensation for delays.
Review unexpected recurring debits, cancel unwanted mandates and contact the bank if the payment was unauthorised.
- Who
- Bank customers, banks, payment providers and the Reserve Bank of India are involved.
- What
- Customers are advised to identify and report unauthorised, unfamiliar or failed bank, ATM and UPI transactions.
- Where
- The transactions may appear in bank accounts, ATMs, UPI apps, merchant payments or recurring-payment mandates.
- When
- Customers should report suspicious transactions immediately; specified reversal deadlines are T+1 day or T+5 calendar days, depending on the transaction.
- Why
- Prompt reporting helps protect accounts, trigger corrections and ensure applicable customer-protection timelines are followed.
Key facts
- Unauthorised electronic transactions
- Banks must provide customers with 24x7 reporting channels; liability can depend on when the customer reports the issue and whether credentials were shared.
- ATM debit without cash
- The transaction should be automatically reversed within a maximum of T+5 calendar days.
- ATM delay compensation
- Customers are entitled to ₹100 per day if reversal is delayed beyond T+5 days.
- Failed UPI fund transfer
- If the beneficiary account is not credited, the transaction should be auto-reversed by T+1 day.
- Failed UPI transfer compensation
- A delay beyond the prescribed timeline attracts ₹100 per day in compensation.
- UPI merchant payment
- A debited payment without merchant confirmation should be auto-reversed within T+5 days.
- Recurring debits
- The current e-mandate framework generally requires a pre-debit notification at least 24 hours before the debit, subject to exemptions.
- Escalation
- Eligible unresolved complaints may be taken to the RBI Integrated Ombudsman mechanism after the bank’s grievance process.
Sources
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