New UPI Rule From July 15: Users to get immediate refunds after transaction failure – Check Details
New UPI Rule From July 15:In what comes as a good news for millions of people using UPI, the user will get an immediate refund in case of transaction failure. The National Payment Corporation (NPCI) is going to implement the new rule from July 15. Once rolled out, the rule will ensure that if the money is deducted from the account and the payment is not made, the user will get the refund immediately.
It implies that the money will return to the users’ accounts. Not only this, but in the event of sending money to the wrong UPI number, the user will also be able to ask for money back from the receiver’s bank.
Banks Will Be Able To Raise Chargebacks
New UPI Rule From July 15:Under the new guidelines, banks will now be able to raise some rejected chargebacks themselves without the need for pre-approval from NPCI.
The new UPI chargeback system, to be initiated by NPCI will also provide relief to such customers whose refund claims were rejected earlier. Under the new rules, the banks have been empowered to re-investigate the old rejected cases and settle them.
Changes In Methods Of Payment
New UPI Rule From July 15:Moreover, the NPCI has made some changes in the methods of payment through UPI. Earlier, the payments were processed in 30 seconds. Now, payments are to be completed within 10-15 seconds. The new rule has come into force from 16 June 2025.
Last month, NPCI had directed banks and payment apps to upgrade their respective systems, so that the payment is made possible in just 15 seconds. The NPCI on April 26, 2025 noted that it is trying to reduce the response time of UPI transactions to improve the performance.
Status Of Transaction
Also, changes have also been made in the time taken to check the status of a transaction or reverse a failed transaction. Previously, if payment didn’t go through, users had to wait up to 30 seconds or more to check whether the money was deducted or returned. Currently, the process to check the status of a transaction will take just 10 seconds, effectively making it easier for users to know whether a transaction has failed or succeeded.
