Help Please Refund the Money?

Question

I have an saving Account bank and I have transferred Rs 2000/- using IMPS on November 2016 at around 10.02 am to Amount debited from a/c but not yet credited to recipient. I got message that it timed OUT and status shows in my Netbanking as Transaction Initiated. .Either initiate the Tranc or refund the money into the account. Please Look into this issue and resolve it as soon as possible

From : Sudheer

Answer 1

Dear Sudheer,

At the outset, let me clarify that this site is designed by a group of senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

The reason for  non credit of the amount debited from your account to the beneficiary's account could be due to technical reasons like mismatch in the account number or connectively failure. Banks send SMS confirmation on crediting the beneficiary's account. If for valid reason the amount was not credited it would lie in the Bank's sundry account which is reversed to the transferor's account after a period of 7 days.

I am sure by now either the amount debited to your account would have been recredited or the amount credited to the beneficiary account. If this has not happened, you may submit a letter to your home branch stating the facts. The Bank would look into this and do the needful. Given the present turmoil at banks in the aftermath of demonitisation Bank may take a while to attend your grievance. However, you can be rest assured that there would be no loss to you

Regards

 

J R Mohandas