The National Payments Corporation of India (NPCI) issues guidelines to all the banks operating in India regarding UPI transactions.
If a UPI transaction fails and your money gets debited but the receiver has not received it, the bank should refund you.
If the bank fails to repay you the money within the T + 1 day, for each day of delay the bank should pay a penalty of ₹100/- per day.
The +1 day should be a working day, if its an holiday then the next working day is taken into account.
Eg. If my transaction fails on 01st Jan 2021, then before 2nd Jan 2021 the bank should refund or on 03rd Jan 2021 the bank should pay a penalty of ₹100/- per day to the customer.
The same is applicable for IMPS transactions also.
