Received Compensation from ICICI Bank for Late refunding for failed UPI Transactions

[Jatin Kumar]

It was a concern regarding a failed UPI transaction of 100₹ made using my ICICI Rupay Credit Card on September 14, 2023. I sent one email on October 7, 2023 because my refund was delayed and Then after my mail, they refunded 100₹ on October 8, 2023, after 24 days.

As per RBI guidelines (circular no. RBI/2019-20/67 DPSS.CO.PD No.629/02.01.014/2019-20 dated September 20, 2019), refunds for failed transactions should be credited within T+1 days.

Last month I raised this issue to ICICI customer care. I requested compensation for this delay, as per the guidelines.

First I raised this issue to Normal customer care Email but they denied to give Compensation.

But then I wrote to Head Customer E-mail and Now They offered me 1800₹ compensation.

They Said that refund should get credit in T + 5 days for failed UPI transaction but we were not able to get Credit so we r providing compensation.

Note - People will ask that why you have raised this issue after 10 months. So Answer is- About this compensation offer, I get to know from this community in last month. One day I was scrolling in this community and I get to know about compensation and Then I thought that I had same issue before 6 months ago. I should also ask for compensation to ICICI Bank. And that's the Result. They have given 1800₹ compensation. Thanks to @TechnoFino for building thisc ommunity.

 

[vine]

Cool cool cool

 

[sousnake]

It was a concern regarding a failed UPI transaction of 100₹ made using my ICICI Rupay Credit Card on September 14, 2023. I sent one email on October 7, 2023 because my refund was delayed and Then after my mail, they refunded 100₹ on October 8, 2023, after 24 days.

As per RBI guidelines (circular no. RBI/2019-20/67 DPSS.CO.PD No.629/02.01.014/2019-20 dated September 20, 2019), refunds for failed transactions should be credited within T+1 days.

Last month I raised this issue to ICICI customer care. I requested compensation for this delay, as per the guidelines.

First I raised this issue to Normal customer care Email but they denied to give Compensation.

But then I wrote to Head Customer E-mail and Now They offered me 1800₹ compensation.

They Said that refund should get credit in T + 5 days for failed UPI transaction but we were not able to get Credit so we r providing compensation.

Note - People will ask that why you have raised this issue after 10 months. So Answer is- About this compensation offer, I get to know from this community in last month. One day I was scrolling in this community and I get to know about compensation and Then I thought that I had same issue before 6 months ago. I should also ask for compensation to ICICI Bank. And that's the Result. They have given 1800₹ compensation. Thanks to @TechnoFino for building thisc ommunity.

Oh nice bro..
Bank se lene ka mauka nhi chordna chahiye

 

[vine]

Just to clarify
"refunds for failed transactions should be credited within T+1 days."

Your post also mentions T+5 days, is that a typo?

 

[VISHESH_BANSAL]

Just to clarify
"refunds for failed transactions should be credited within T+1 days."

Your post also mentions T+5 days, is that a typo?

T+1 for P2P UPI Txns
T+5 for P2M UPI Txns

 

[devine_mortal]

Do we have a similar rule for CC refunds? I might escalate to Axis where the refund is delayed by 1.5 months not on 1 not 2 credit cards.

 

[arvinder]

This is so cool. I will keep this in my mind now.

 

[KLB@96]

share the emails where you sent

 

[Md Kaif]

Congratulations you did it! You were researching on this for quite a while I think

 

[yobro]

It was a concern regarding a failed UPI transaction of 100₹ made using my ICICI Rupay Credit Card on September 14, 2023. I sent one email on October 7, 2023 because my refund was delayed and Then after my mail, they refunded 100₹ on October 8, 2023, after 24 days.

As per RBI guidelines (circular no. RBI/2019-20/67 DPSS.CO.PD No.629/02.01.014/2019-20 dated September 20, 2019), refunds for failed transactions should be credited within T+1 days.

Last month I raised this issue to ICICI customer care. I requested compensation for this delay, as per the guidelines.

First I raised this issue to Normal customer care Email but they denied to give Compensation.

But then I wrote to Head Customer E-mail and Now They offered me 1800₹ compensation.

They Said that refund should get credit in T + 5 days for failed UPI transaction but we were not able to get Credit so we r providing compensation.

Note - People will ask that why you have raised this issue after 10 months. So Answer is- About this compensation offer, I get to know from this community in last month. One day I was scrolling in this community and I get to know about compensation and Then I thought that I had same issue before 6 months ago. I should also ask for compensation to ICICI Bank. And that's the Result. They have given 1800₹ compensation. Thanks to @TechnoFino for building thisc ommunity.

What is T+1 DAYS?

 

[arvinder]

What is T+1 DAYS?

T+ 1 == today's date + one day (next day)

 

[arvinder]

@VISHESH_BANSAL @Jatin Kumar I did a transaction on highway delight app using my SBI cc on 29th aug and the transaction got failed. Razorpay has already refunded the amount but the refund is still not reflecting in the sbi transactions. Can I write an email to SBI for compensation in this case or not ?

 

[Tonymathew]

Is this/any similar rule with respect to debit card and credit card failed transactions??

 

[pri21]

It was a concern regarding a failed UPI transaction of 100₹ made using my ICICI Rupay Credit Card on September 14, 2023. I sent one email on October 7, 2023 because my refund was delayed and Then after my mail, they refunded 100₹ on October 8, 2023, after 24 days.

As per RBI guidelines (circular no. RBI/2019-20/67 DPSS.CO.PD No.629/02.01.014/2019-20 dated September 20, 2019), refunds for failed transactions should be credited within T+1 days.

Last month I raised this issue to ICICI customer care. I requested compensation for this delay, as per the guidelines.

First I raised this issue to Normal customer care Email but they denied to give Compensation.

But then I wrote to Head Customer E-mail and Now They offered me 1800₹ compensation.

They Said that refund should get credit in T + 5 days for failed UPI transaction but we were not able to get Credit so we r providing compensation.

Note - People will ask that why you have raised this issue after 10 months. So Answer is- About this compensation offer, I get to know from this community in last month. One day I was scrolling in this community and I get to know about compensation and Then I thought that I had same issue before 6 months ago. I should also ask for compensation to ICICI Bank. And that's the Result. They have given 1800₹ compensation. Thanks to @TechnoFino for building thisc ommunity.

I have received 2000rs. as a compensation from crif for delay in updating my crif score.


This email is to inform you that pursuant to RBI circular on Framework for compensation to customers for delayed updation/ rectification of credit information dated 26th October, 2023, Complainants shall be entitled to a compensation of ₹100 per calendar day in case their complaint is not resolved within a period of thirty (30) calendar days from the date of the initial filing of the complaint by the complainant with a Credit Institution/ Credit Information Company.

In view of above, CRIF High Mark has paid the compensation amount of Rs. 2000

(Fun fact - i haven't raised any request with crif for the same on mentioned dates)

 

[vine]

I have received 2000rs. as a compensation from crif for delay in updating my crif score.


This email is to inform you that pursuant to RBI circular on Framework for compensation to customers for delayed updation/ rectification of credit information dated 26th October, 2023, Complainants shall be entitled to a compensation of ₹100 per calendar day in case their complaint is not resolved within a period of thirty (30) calendar days from the date of the initial filing of the complaint by the complainant with a Credit Institution/ Credit Information Company.

In view of above, CRIF High Mark has paid the compensation amount of Rs. 2000

(Fun fact - i haven't raised any request with crif for the same on mentioned dates)

Was it an issue with yours or mistaken identity?

 

[Jatin Kumar]

Oh nice bro..
Bank se lene ka mauka nhi chordna chahiye

Mera ICICI AMAZON PAY Card block karke 12000₹ block kar liya tha

 

[Jatin Kumar]

This is for related to UPI RELATED refund.

Do we have a similar rule for CC refunds? I might escalate to Axis where the refund is delayed by 1.5 months not on 1 not 2 credit cards.

 

[theflash]

What is T+1 DAYS?

Txn date + 1 day

 

[Jatin Kumar]

share the emails where you sent

headservicequality@icicibank.com
this is head e-mail

 

[Jatin Kumar]

Congratulations you did it! I were researching on this for quite a while I think

Brother, I get to know about this after reading your post. When i was reading that post then only I decided to put complaint. Same happened with u also in Sept 2023 month. I think they had some issue in Sept 23