I accidentally sent ₹55,000 through IMPS to a wrong account using the incorrect IFSC code. Unfortunately, there’s another account with the same number but a different bank. The payee was confirmed, and the money went to an unknown, dormant account. My bank initially promised to help, but it’s been over two weeks with no action. Can I legally pressure the bank to get my money back, especially since the beneficiary’s name doesn’t match? What are my options to resolve this quickly and get my money back? Any advice would be greatly appreciated.

Apni Law
Apni Law
Law Forum › Category: Banking / Finance › I accidentally sent ₹55,000 through IMPS to a wrong account using the incorrect IFSC code. Unfortunately, there’s another account with the same number but a different bank. The payee was confirmed, and the money went to an unknown, dormant account. My bank initially promised to help, but it’s been over two weeks with no action. Can I legally pressure the bank to get my money back, especially since the beneficiary’s name doesn’t match? What are my options to resolve this quickly and get my money back? Any advice would be greatly appreciated.
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Apni Law Staff asked 3 months ago

I accidentally sent ₹55,000 through IMPS to a wrong account using the incorrect IFSC code. Unfortunately, there’s another account with the same number but a different bank. The payee was confirmed, and the money went to an unknown, dormant account. My bank initially promised to help, but it’s been over two weeks with no action. Can I legally pressure the bank to get my money back, especially since the beneficiary’s name doesn’t match? What are my options to resolve this quickly and get my money back? Any advice would be greatly appreciated.

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Best Answer

Apni Law Staff answered 3 months ago

You have grounds to pressure your bank to recover the funds as the beneficiary’s name doesn’t match. You can file a complaint with the Banking Ombudsman or approach the consumer forum. Your bank has a responsibility to investigate and assist you in recovering the misdirected funds.

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