RBI Extends deadline for rules on Failed payments

[Navjot Singh]

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.

RBI extends deadline for compliance with rules on failed transactions

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.

www.medianama.com

As per the RBI’s framework, banks and non-bank payment operators need to reverse a failed transaction according to the following timeline:

• 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

*T = Date of transaction

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.

 

[Sushubh]

What is card to card payment?

 

[Navjot Singh]

 

[opomiyulen]

What is card to card payment?

As far i remember it is transferring money to debit card instead of account number and i guess it was used earlier coz money transfer was instant like imps. I used it long time back once and it was from atm