The central bank has extended the date for compliance with its common framework on reversing failed digital payment transactions from December last year to September 30, 2021.
The RBI extended the date for compliance with its common framework on reversing failed digital payment transactions to September 30, 2021 from December last year.
As per the RBI’s framework, banks and non-bank payment operators need to reverse a failed transaction according to the following timeline:
*T = Date of transaction
- ATM: T*+5 days
- Card to Card: T+1 day
- Card at PoS or online: T+5 days
- Immediate Payment System: T+1
- Unified Payments Interface
- In case of beneficiary account not being credited: T+1
- In case of no transaction confirmation at the merchant location, the acquirer has to initiate a ‘Credit Adjustment’: T+5 days
- Aadhaar Enabled Payment System: T+1
- National Automated Clearing House
- Delay in creditng beneficiary’s account: T+1
- Account debited despite revocation of debit mandate: T+1
- Pre-Paid Instruments (Cards/Wallets)
- Off-Us: Follows card, UPI and IMPS guideline
- On-Us: T+1
The RBI has mandated that banks and non-bank payment players have to pay the customer Rs 100 everyday if the transaction is not reversed within the set timeline.