UPI money transfer from one bank account to another is a lightning-fast process, all thanks to the top-notch service provided by NPCI. YONO SBI Lite application allows users to transfer money immediately without the need of registering the beneficiary first. But it has to be noted that if the users are trying to send money using Virtual ID then a beneficiary has to be registered with UPI.
How to Solve Money Debited But Payment Failed Issue for SBI UPI Transfer?
SBI UPI users can transfer money up to ₹1,00,000 daily. This amount is set as the daily or per-day transaction limit and EasyPIN Limits. Payments are instant and the user-friendly interface of the app makes the process very easy to execute.
However, it happens sometimes, but leaves me in a highly frustrated state, that payments are deducted from the bank account but the UPI transaction fails. So, what options do you have if you get stuck in this situation?
The situation is that the SBI allows instant reversals in such scenarios. If your money has been debited from the account and payment has failed then for such technical difficulties SBI will return your money immediately. But if your money has not been reversed then you can make a claim as a complaint through the SBI Yono Lite app.
“You can file a complaint by choosing the “Payment History” option, choosing a specific transaction, and then choosing “Raise Dispute.” The “Dispute Status” element in the SBI Personal App’s UPI capabilities allows you to do so as well,” mentioned by Zee News.
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SBI Announced UPI Linkage Between India and Singapore
Meanwhile, the State Bank of India (SBI) has announced the launch of a real-time payment system between India and Singapore through SBI’s BHIM SBIPay, mobile application.
“The UPI-PayNow linkage is a significant milestone towards the development of infrastructure for cross-border payments between India and Singapore. The initiative closely aligns with the G20’s priorities of driving faster, cheaper, and more transparent cross-border payments. The inward bilateral remittance between Singapore and India is around USD 949 Mn as of 2021 (as per World Bank Bilateral Remittance Matrix Dec ‘22),” the bank said.
