How do I resolve a dispute related to IMPS transactions?

If you encounter a dispute related to an IMPS (Immediate Payment Service) transaction in India, you can follow these steps to seek resolution:

1. Contact Your Bank: The first course of action is to contact your bank's customer support or helpline. Provide them with all the relevant details of the disputed transaction, including the transaction reference number, date and time of the transaction, recipient's details, and any supporting documents or evidence you may have. Explain the nature of the dispute and request assistance in resolving the issue.

2. Lodge a Complaint: If the initial response from your bank does not resolve the dispute, you can escalate the matter by lodging a formal complaint with the bank. Banks have a dedicated grievance redressal mechanism in place to handle customer complaints. Provide a written complaint to your bank, clearly describing the dispute and your desired resolution. Keep copies of all correspondence and documents related to the complaint.

3. Seek Mediation from the Bank: Many banks have internal dispute resolution mechanisms to mediate between the involved parties and find a mutually agreeable solution. Your bank may assign a dedicated officer or team to investigate the dispute and work towards a resolution. Cooperate with the bank's representative, providing any additional information or documentation they may require.

4. Approach Banking Ombudsman: If the dispute remains unresolved even after approaching your bank, you can escalate the matter to the Banking Ombudsman appointed by the Reserve Bank of India (RBI). The Banking Ombudsman is an independent authority that handles complaints and disputes related to banking services. File a complaint with the relevant Banking Ombudsman office, providing details of the dispute, efforts made to resolve it with the bank, and any supporting documents.

5. Consumer Courts or Arbitration: As a last resort, if the dispute remains unresolved through previous channels, you can explore legal options such as filing a complaint with consumer courts or opting for arbitration, depending on the nature and value of the dispute. Consult legal counsel or consumer rights organizations for guidance on pursuing these avenues.

It's important to act promptly when resolving a dispute related to an IMPS transaction. Keep records of all communication, transaction details, and supporting documents throughout the process. Maintaining clear documentation will help you present a stronger case and increase the chances of a favorable resolution.

Remember, the specific steps and procedures may vary based on your bank's policies, so it's advisable to consult your bank's official documentation, contact their customer support, or visit the bank branch for personalized guidance on resolving a dispute related to an IMPS transaction.