This happens in rare circumstances due to network connectivity issues at the 'other' end. The money gets debited from your account, you get a 'Transaction Successful' message on your screen with a Transaction Reference Number, but it fails to get deposited in the beneficiary or recipient's bank account. This can also happen in case of transactions done through the apps like Google pay, PayTM, Phone Pe which are linked with your bank account or during online phone recharge. Like climate, the internet connectivity can be unpredictable! How many times do we hear these words in our banks - The server is down and online monetary transactions won't take place.... In this era of digitalization, where India is launching satellites of other countries in space, we have to face connectivity and power failure issues in our own country. How absurd this is!

Hoe do NEFT, RTGS, IMPS operate?

    IMPS is governed by NPCI (National Payments Corporation of India). NPCI is the same agency which operates smart cards and ATMs.


    Usually I prefer quick money transfer by IMPS because one does not have to go through all that hassle of adding beneficiary and then waiting to be added. Besides, it is open 24x7 and even on holidays. IMPS is instant money transfer and most of the time, the transaction goes through if the internet connectivity is good. But, once it happened with me that I did a four-figure IMPS monetary transaction late on Friday night. The next day, I came to know that the recipient had not received a confirmatory sms. I checked the status of the transaction on the bank's website and it was not there in the list of transactions. I decided to probe into the matter a bit deeper.


    On Monday morning, I contacted the bank relationship manager to look into the transaction. He said that the transaction had taken place. Then I contacted the recipient and told them to make an inquiry with their bank. Fortunately, they called up in the afternoon saying that the amount was received in their account although they did not receive any confirmation message. In yet another instance, the transfer was successful on my side but failed at the other, I had got the refund after 5 days.

    HERE IS WHAT YOU SHOULD DO IN CASE OF FAILED BANK TRANSFER


    Incomplete transaction means failed transaction. If the settlement doesn't take place within 48 hours and you don't receive the amount back into your account, here's what you should do:

1. Always make it a point to take a screenshot of the transaction details after every online bank transaction and preserve or print it. It carries all the details of your transaction. You can also check your email account for the details of your transaction.

2. Wait for 48 hours. In most cases, the amount is remitted back to the sender's account.

3. If not, submit a written application to your bank mentioning all the details. Don't forget to bring a receipt copy of your application with signature and stamp. You can also file a complaint online on your bank's website.

4. Usually, you will receive a positive response within one week. If you have filed an online complaint, you can check the complaint status anytime. Also check your bank account details periodically.

5. After a week, if the status remains the same, give one gentle reminder. In the case of some banks e.g. SBI where the staff is rude and un-cooperative, you can expect delays.the secondbr/> 6. After the second week, give another gentle reminder. Have patience!

7. When you think the wait is enough, it is time to escalate the matter further. File your complaint online with complaint with Banking Ombudsman of RBI on their Grievance Redressal page. You can send an email or post to your nearest Ombudsman office. The list is here.

    Not only will your complaint be resolved but you will receive a rs.100 fine per day for the delay and negligence made by your bank.

    NEFT or IMPS - Which is Better?


    If the amount is big, NEFT is always preferable because, if something goes wrong, the settlement occurs within 48 hours and the amount is remitted back to your account. Where as in the case of IMPS, the settlement requires 5-7 days to take place. All the same, if the network connectivity is good, go for IMPS but confirm by sending one or two rupees first. If the transaction goes through successfully, go for a bigger one. If it doesn't, wait! When the amount is greater than two lakhs, go for RTGS.

   Rest assured, under all circumstances, your money will come back to your account, sooner or later in case of unfinished or incomplete transactions.