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

[Jatin Kumar]

@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 ?

Reserve Bank of India

Read this article by RBI for refund related issue

 

[Jatin Kumar]

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.

Reserve Bank of India

Read this article by RBI for refund related issue

 

[Jatin Kumar]

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

Reserve Bank of India

Read this article by RBI for refund related issue

 

[VISHESH_BANSAL]

@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 ?

No

Your Card Txn is successfull but end Bill Payment that is the service provided by Highway Delite is Failed. So Bank will deny the Compensation. Happend with me when I raised complaint for a similar case but Bank denied saying Txn is Successful and Claimed by Merchant too.

Only those Card Txns Where Amount is debited but Merchant did not Claimed the Amount and neither it is returned to the Card are considered Failed txns as per Response I Recieved from HDFC in a similar Complaint.

HDFC Told me once Txn is claimed by Merchant, it is Merchant Responsibility to initiate refund if they are unable to provide services , such Delays in Refund are not eligble for Compensation.

 

[arvinder]

No

Your Card Txn is successfull but end Bill Payment that is the service provided by Highway Delite is Failed. So Bank will deny the Compensation. Happend with me when I raised complaint for a similar case but Bank denied saying Txn is Successful and Claimed by Merchant too.

Only those Card Txns Where Amount is debited but Merchant did not Claimed the Amount/Received Payment Confirmation and neither it is returned to the Card are considered Failed txns as per Response I Recieved from HDFC in a similar Complaint.

HDFC Told me once Txn is claimed by Merchant, it is Merchant Responsibility to initiate refund if they are unable to provide services , such Delays in Refund are not eligble for Comepensation.

Make sense .. thanks a lot for the response

 

[pikachu091003]

Aise haadse mere sath kyu nahi hote?

 

[Fintellect]

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.

Wow

Congratulations buddy.

 

[Jatin Kumar]

Wow

Congratulations buddy.

Thanku Brother

 

[GROWNUPS]

Major WIN for the customer
Thank you for sharing your experience so we are informed too

 

[Jatin Kumar]

Major WIN for the customer
Thank you for sharing your experience so we are informed too

Thanku so much for appreciation

 

[Avishma1]

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)

Is there any compensation criteria for delaying a merchant dispute by the bank?

 

[Nirmal Andy]

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 ommunithow and it's same for payment issue via Bank account DC and credit credit card both?

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.

How to know the resolution days for particular bank and this rule is applicable for payment issue via Bank account and credit credit card both transactions?

 

[CreditWorthy]

Congratulations brother, this is indeed the best community!!

 

[Jatin Kumar]

How to know the resolution days for particular bank and this rule is applicable for payment issue via Bank account and credit credit card both transactions?

It's same for all Bank. It's Issued by RBI. Just go properly in this thread. Link is also there. It's for UPI related refund issue. Other issues is also there. You can check in that rbi circular. Link is there in this thread

 

[Jatin Kumar]

Is there any compensation criteria for delaying a merchant dispute by the bank?

No Idea for that