Can NPCI refund money?

Yes, the National Payments Corporation of India (NPCI) plays a significant role in the UPI refund process. When a UPI transaction fails but money is debited, the refund process is automatically triggered. NPCI, in coordination with the banks, helps settle refunds, typically within 2-3 working days. For unresolved or complex disputes like fraud, NPCI can directly investigate and instruct banks to reverse the transaction or initiate a refund. New UPI rules also simplify the chargeback process for faster refunds on genuine claims.