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Can I cancel an IMPS transaction after it has been initiated?

Curious about Immediate Payment Service

Can I cancel an IMPS transaction after it has been initiated?

IMPS (Immediate Payment Service) transactions in India are generally considered to be irrevocable, which means that once a transaction is initiated, it cannot be canceled or reversed by the sender directly. The funds are transferred in realtime from the sender's account to the recipient's account, making it difficult to cancel the transaction once it has been processed.

Once you have provided the necessary authentication, such as your MPIN (Mobile Personal Identification Number), and confirmed the transaction, the funds are immediately debited from your account and transferred to the recipient's account.

Therefore, it is crucial to ensure the accuracy of the transaction details, including the recipient's account number, before confirming an IMPS transfer. Once the transfer is initiated, it is generally not possible to cancel it unilaterally.

In case of any issues or concerns regarding an IMPS transaction, such as incorrect beneficiary details or fraudulent activity, it is recommended to contact your bank's customer support helpline or visit the bank branch immediately. They will guide you through the necessary steps to address the situation, including initiating an investigation or dispute resolution process.

It's important to note that the ability to cancel an IMPS transaction is subject to the policies and procedures of your bank and the specific circumstances surrounding the transaction. Contacting your bank directly is the best course of action to seek assistance and guidance in such situations. They will be able to provide you with the most accurate information and advice based on their specific processes and systems.

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