Compensation of late refund

[Manishg]

I want to ask I have done transaction on 23 August and refund for that credited on 7 October so as per RBI guidelines I am eligible for 4000 compensation as payment is late by 46 days and compensation of rs100 per day is provided after t+5 days. So I want to ask if Bank has not received money from merchant and merchant kept money for 46 days so in that case who will give compensation Bank or merchant.

 

[Chhota Bheem]

Compensation is only for failed transactions, if you returned the product for refund that's not covered.

You can write to bank customer support for the same, not merchant.

 

[Manishg]

Compensation is only for failed transactions, if you returned the product for refund that's not covered.

You can write to bank customer support for the same, not merchant.

I know but if the case is that if transaction is failed at merchants end and the money not refunded to the bank by the merchant then will then also bank give compensation or merchant.

 

[Chhota Bheem]

I know but if the case is that if transaction is failed at merchants end and the money not refunded to the bank by the merchant then will then also bank give compensation or merchant.

Please share complete information on the transaction.

Are you sure merchant received the money if the transaction failed?

 

[Manishg]

Please share complete information on the transaction.

Are you sure merchant received the money if transaction failed?

Yes merchant received money

 

[RAMESH BABU N]

Avoid asking hypothetical questions.
You get only probable, possible hypothetical answers.

Give complete details based on which relevant n appropriate answers can be given.

 

[Manishg]

I have transacted on 12 September 2024 and money got refunded on 9 October by raising complain to paytm. So as per RBI guidelines 5 days for refund and after that 100 per day compensation so in this case if money is with paytm for credit card bill payment then who will give compensation bank or paytm.

 

[Chhota Bheem]

So, you paid credit card bill through Paytm on 12 September.

That amount is not credited to card account and was with Paytm up to 9 October.

You raised the refund request and got the amount.

First raise this issue with Paytm twitter support asking the reason for such delay. You will get a response whether the fault is with Paytm or the Bank involved.

Based on this, state the relevant facts and RBI rule for compensation to Paytm / Bank. Escalate as per their grievance redressal policy.

If they deny the compensation or lack of response for 30 days, You can file complaint with RBI Ombudsman.

 

[Manishg]

Can you tell me which type of transaction is this is it card to card transaction, e commerce transaction or which type of transaction because RBI circular shows different time for different type of transaction.

So, you paid credit card bill through Paytm on 12 September.

That amount is not credited to card account and was with Paytm up to 9 October.

You raised the refund request and then got the amount.

First raise this issue with Paytm twitter support asking the reason for such delay. You will get a response whether the fault is with Paytm or the Bank involved.

Based on this, state the relevant facts and RBI rule for compensation to Paytm / Bank. Escalate as per their grievance redressal policy.

If they deny the compensation or lack of response for 30 days, You can file complaint with RBI Ombudsman.

 

[VISHESH_BANSAL]

I have transacted on 12 September 2024 and money got refunded on 9 October by raising complain to paytm. So as per RBI guidelines 5 days for refund and after that 100 per day compensation so in this case if money is with paytm for credit card bill payment then who will give compensation bank or paytm.

Technicallly not eligble.

Harmonization Circular Clearly states only Failed txns are eligble i.e, Payment deducted by Issuer Bank but not remitted to Merchant/Claimed by Merchant

Remittance from Your Bank to Paytm was Successful. Hence it is successfull Txn.

Merchant , Here Paytm is unable to deliver the Service after receiving the Payment that is Paytm Fault and Delayed refund by Paytm in this case is not eligble.

You can also check Paytm history, there also it will show two differnt entries, One entry for paid amount, second entry for Refund Amount. Hence Payment was successfull but Paytm is not able to deliver the Service hence Paytm refunded it, though Refund was initiated late.

It is just like You Paid to Say, Amazon and Amazon sent Faulty Product and now Amazon is delaying the refund after you placed return request.

If Dealyed refunds for such txns are getting considerd under Harmonization then People will game the system🤣

Even if you raise the Complaint, Bank will not agree that it is a failed txn as per Harmonization Circular. Bank will not issue compensation under Harmonization Circular.


But since you inititated CC Bill RePayment via BBPS channel, you still have one Option.

RBI issued a seperate Circular in which following clause is Mentioned w.r.t Failed BBPS txns:-

COUs and BOUs shall ensure that failed transactions are dealt with in accordance with the timelines prescribed in RBI’s circular on Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems dated September 20, 2019, as updated from time to time.

Raise a RBI Complaint against Paytm and mention the deatils of your Failed BBPS Txn.
As Paytm is a BBPOU, Above Mentioned Clause is Applicable to it for Compensation w.r.t your Failed Credit Card Bill Payment via BBPS.

So raise your Compalint against Paytm by Giving Reference to correct RBI Circular.

First raise it with Paytm by giving Reference to correct Circular, if Paytm deny then Raise it with RBI and Give Reference of the correct Circular and above mentioned Clause.

I am attaching PDF of the Respective Circular

 

[Manishg]

Can anyone give more information regarding this if anyone experienced the same

 

[VISHESH_BANSAL]

Can anyone give more information regarding this if anyone experienced the same

WoW!

I wrote such a detailed reply and you want more information🤣

i informed you about correct Circular and clause applicable to your txn based on which you will get Comepensation.

God knows what are you looking for.🤣

 

[Aniket]

Can anyone give more information regarding this if anyone experienced the same

Shaktikanta Sahab jab join karenge TF tab wo detail mein bata denge 🙂

 

[Aniket]

who will give compensation Bank or merchant.

Reserve Bank of India 🙂

 

[akshayhs]

WoW!

I wrote such a detailed reply and you want more information🤣

i told you correct Circular and clause applicable to your txn based on which you will get Comepensation.

God knows what are you looking for.🤣

Forget it. Not worth your time.

 

[s1t2y3a3m6]

WoW!

I wrote such a detailed reply and you want more information🤣

i told you correct Circular and clause applicable to your txn based on which you will get Comepensation.

God knows what are you looking for.🤣

Draft karke dedo....

 

[Manishg]

WoW!

I wrote such a detailed reply and you want more information🤣

i told you correct Circular and clause applicable to your txn based on which you will get Comepensation.

God knows what are you looking for.🤣

I appreciate you but I want to ask that will RBI ombudsman also take compain against paytm, phonepe also because if they deny then whom to complain and can I first ask to bank in this case. Because charge back was raised by bank it takes 40 days.

 

[shrewdoc]

Technicallly not eligble.

Harmonization Circular Clearly states only Failed txns are eligble i.e, Payment deducted by Issuer Bank but not remitted to Merchant/Claimed by Merchant

Remittance from Your Bank to Paytm was Successful. Hence it is successfull Txn.

Merchant , Here Paytm is unable to deliver the Service after receiving the Payment that is Paytm Fault and Delayed refund by Paytm in this case is not eligble.

You can also check Paytm history, there also it will show two differnt entries, One entry for paid amount, second entry for Refund Amount. Hence Payment was successfull but Paytm is not able to deliver the Service hence Paytm refunded it, though Refund was initiated late.

It is just like You Paid to Say, Amazon and Amazon sent Faulty Product and now Amazon is delaying the refund after you placed return request.

If Dealyed refunds for such txns are getting considerd under Harmonization then People will game the system🤣

Even if you raise the Complaint, Bank will not agree that it is a failed txn as per Harmonization Circular. Bank will not issue compensation under Harmonization Circular.


But since you inititated CC Bill RePayment via BBPS channel, you still have one Option.

RBI issued a seperate Circular in which following clause is Mentioned w.r.t Failed BBPS txns:-

COUs and BOUs shall ensure that failed transactions are dealt with in accordance with the timelines prescribed in RBI’s circular on Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems dated September 20, 2019, as updated from time to time.

Raise a RBI Complaint against Paytm and mention the deatils of your Failed BBPS Txn.
As Paytm is a BBPOU, Above Mentioned Clause is Applicable to it for Compensation w.r.t your Failed Credit Card Bill Payment via BBPS.

So raise your Compalint against Paytm by Giving Reference to correct RBI Circular.

First raise it with Paytm by giving Reference to correct Circular, if Paytm deny then Raise it with RBI and Give Reference of the correct Circular and above mentioned Clause.

I am attaching PDF of the Respective Circular

Itna time kaise mil jata bhai likhne ka? Bore nahi hote?

Kudos to you, truly detailed reply!

 

[IKFLRT]

hamare forums per ek shakhs h jinki har transaction per ek RBI ombudsman per complaint h. maybe wo acche se guide kar paaye

 

[VISHESH_BANSAL]

Forget it. Not worth your time.

Exactly Same happend with me as well

But the difference is that I did txn via Parkplus.

There is no option to raise complaint against Parkplus in RBI CMS Portal. I lost a good Amount of Compensation.

So I raised against issuer Bank and as I told, Issuer Bank and Parkplus Acquiring Bank denied the Comepensation in response to RBI as txn was claimed by Parkplus Acquiring Bank, which makes it a Successful txn but Parkplus Delayed the refund and I have to raise Chargeback ultimately.

So I do not want anyone else to face the same when He has Opportunity to Grab the Comepensation and Hence wrote a detailed reply but all in Vain🤣