New Delhi, Oct. 18 -- Suppose you make a UPI payment to a friend or merchant, or withdraw cash from an ATM, but the transaction fails even though your bank account is debited. If the money is not returned within the prescribed time, you may be entitled to compensation of Rs.100 per day for the delay under Reserve Bank of India (RBI) rules.

The compensation depends on the type of transaction and the deadline prescribed for reversing the amount. Here is what customers need to know.

According to RBI's circular, Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems, dated September 20, 2019, a failed transaction is one that is not completed for reasons not attributable to ...