The National Payments Corporation of India (NPCI) on June 21, 2024, issued the notification regarding the Revision of TAT for UPI Disputes in URCS.
The following has been stated namely: -
• The window for the customer to raise chargeback has been revised to 45 days uniformly for all categories. The revised TAT shall be operationalised from July 25, 2024.
o Up to July 24 the banks can raise chargeback as per the existing TAT
o With effect from July 25 chargeback can be raised as per the revised TAT only even if the transaction has taken place before the effective date.
• There will be no change in TAT or process for NPCI compliance penalties and RBI customer compensation process.
• NPCI shall maintain the data in URCS for UPI transactions as per the revised TAT i.e. 45 days. Member banks are advised to take note of the following:
o Transaction Search: Any transactions search is done for the data beyond 45 days will not be available.
o If the dispute is present in the system, then in response to the transaction search will provide the details up to 190 days.
o UDIR/ODR complaints also should be managed up to 45 days
o No changes in the files, formats and settlement process for disputes.
[Notification No. NPCI/UPI/OC No.198/2023-24]
