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Can I reverse an IMPS transaction if I made a mistake?

Curious about Immediate Payment Service

Can I reverse an IMPS transaction if I made a mistake?

IMPS (Immediate Payment Service) transactions in India are generally considered to be irrevocable, which means that once a transaction is initiated and completed, it cannot be reversed or canceled by the sender directly. The funds are transferred from the sender's account to the recipient's account in realtime, making it difficult to reverse the transaction once it has been processed.

However, there are certain exceptional cases in which you may be able to seek assistance from your bank to reverse an IMPS transaction:

1. Unauthorized Transactions: If you notice an unauthorized transaction or suspect fraudulent activity on your account, immediately contact your bank's customer support helpline or visit the bank branch to report the issue. They will guide you through the process of disputing the transaction and initiating an investigation.

2. Technical Glitches or Failed Transactions: In instances where there are technical glitches, system failures, or network connectivity issues during the IMPS transaction, resulting in a failed or incomplete transaction, the funds should be automatically reversed to your account. However, it's important to monitor your account balance and transaction history to ensure the reversal occurs. If the funds are not reversed within a reasonable timeframe, contact your bank for assistance.

3. Disputed Transactions: If there is a genuine dispute or error in the transaction, such as incorrect beneficiary details or incorrect amount transferred, promptly contact your bank and provide them with the relevant details and supporting documentation. They will assess the situation and initiate the necessary steps to resolve the dispute. It's advisable to take action as soon as possible to increase the chances of a successful resolution.

It's worth noting that the ability to reverse an IMPS transaction is subject to the policies and procedures of your bank and the specific circumstances surrounding the transaction. It's recommended to contact your bank's customer support helpline or visit the bank branch to discuss the specific details of your transaction and seek their guidance and assistance in resolving the issue.

Additionally, practicing caution and verifying the details of the transaction, including beneficiary details, before initiating an IMPS transfer can help minimize the chances of errors or unintended transactions.

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