On 29 March 2025 I added Rs. 11,000 via 'add money' on Indie app (by Indusind) via selecting Navi UPI app as UPI intermediar.
Money was debited from my other IDFC bank and shown successful by Navi but not credited to Indie.
After waiting for few hours I went to X and complained tagging all three. Except Indie all responded and IDFC raised dispute.
On 6 April 2025 -6 days later, the amount was reversed to IDFC with statement 'chargeback'.
Now as per RBI circular on TAT for failed transactions, it is T+1 day for UPI transfer (read Annex, chart 4.a.), beyond which bank has to pay Rs.100 daily, in my case it is 6-2=4 days, Rs. 400 as I understand. (Read circular https://www.rbi.org.in/commonman/English/scripts/Notification.aspx?Id=3074)
I feel this is Indie's fault, though I am not sure.
Am I qualified for a compensation as per the chart as balance transfer failed via Indie's add money?
Who's fault is it?
Who's liable to pay?
Money was debited from my other IDFC bank and shown successful by Navi but not credited to Indie.
After waiting for few hours I went to X and complained tagging all three. Except Indie all responded and IDFC raised dispute.
On 6 April 2025 -6 days later, the amount was reversed to IDFC with statement 'chargeback'.
Now as per RBI circular on TAT for failed transactions, it is T+1 day for UPI transfer (read Annex, chart 4.a.), beyond which bank has to pay Rs.100 daily, in my case it is 6-2=4 days, Rs. 400 as I understand. (Read circular https://www.rbi.org.in/commonman/English/scripts/Notification.aspx?Id=3074)
I feel this is Indie's fault, though I am not sure.
Am I qualified for a compensation as per the chart as balance transfer failed via Indie's add money?
Who's fault is it?
Who's liable to pay?
