{"id":1782,"date":"2019-10-11T12:31:00","date_gmt":"2019-10-11T07:01:00","guid":{"rendered":"https:\/\/cashfree.com\/blog\/?p=1782"},"modified":"2023-12-08T12:43:18","modified_gmt":"2023-12-08T07:13:18","slug":"payments-in-india-part-2-why-do-bank-transfers-fail","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/payments-in-india-part-2-why-do-bank-transfers-fail\/","title":{"rendered":"Payments in India &#8211; Part 2: Why do Bank Transfers Fail?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a8f2c7ef401a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #364250;color:#364250\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #364250;color:#364250\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a8f2c7ef401a\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-in-india-part-2-why-do-bank-transfers-fail\/#Failures_Due_To_Incorrect_Details\" >Failures Due To Incorrect Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-in-india-part-2-why-do-bank-transfers-fail\/#Failures_Due_to_Banking_Infrastructure\" >Failures Due to Banking Infrastructure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-in-india-part-2-why-do-bank-transfers-fail\/#Failure_Due_to_Account_Irregularity\" >Failure Due to Account Irregularity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-in-india-part-2-why-do-bank-transfers-fail\/#Failure_Due_to_IMPS_Network\" >Failure Due to IMPS Network<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-in-india-part-2-why-do-bank-transfers-fail\/#What_Happens_to_the_Payers_Account_during_these_Failures\" >What Happens to the Payer\u2019s Account during these Failures?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/blogrevamp.cashfree.com\/payments-in-india-part-2-why-do-bank-transfers-fail\/#Payments_Success_Rates_of_the_Top_Banks_in_India\" >Payments Success Rates of the Top Banks in India<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">In our <a href=\"https:\/\/cashfree.com\/blog\/payments-in-india-part-1\/\">previous post<\/a>, we discussed how <strong><a href=\"https:\/\/www.cashfree.com\/blog\/imps-vs-neft-vs-rtgs\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">RTGS, NEFT, IMPS<\/mark><\/a><\/strong>, UPI work. In the second part of this blog, we discuss why transactions across these modes fail.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While discussing bank transfer failures \u2013 first, we will remove failures due to incorrect bank account details. The reason is simple \u2013 no matter how robust you make the infrastructure, if incorrect account details are entered \u2013 there is little a bank can do.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Below, we have shared the percentage of failures due to incorrect payee details against the total number of failures.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Failures_Due_To_Incorrect_Details\"><\/span>Failures Due To Incorrect Details<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/yY9Q7EWa6ObuWGw5dWXqoPQhAndsqB_-953cuDic8msI23c1SxFFPadxSaNBCxvaN2MqJZhc9_-tjhLEzQwB-OvtOLhmhxNw4pMi4a0yljhKSrffMyzItZpGDBn4i3I2__r7YnDT\" alt=\"payments-failure-rate-due-to-incorrect-details\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">RBI or NPCI does not release failure rates across channels. So, at Cashfree, we decided to look into our own data and present our findings. This data is from processing more than 2 lakh payouts a day. The graph below shows failure rates across channels.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These incorrect details can range from &#8211;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Incorrect account number<\/li>\n\n\n\n<li>Incorrect IFSC number<\/li>\n\n\n\n<li>Incorrect MPin<\/li>\n\n\n\n<li>Incorrect format&nbsp;<\/li>\n\n\n\n<li>Incorrect account holder name<\/li>\n<\/ul>\n\n\n\n<!-- DESKTOP -->\n<div class=\"tool__product desktop-banner d-none d-md-block d-lg-block d-xl-block\">\n    <div>\n        <div class=\"tool__product-icon\"><\/div>\n        <div class=\"tool__product-copy\">\n            <div class=\"tool__product-headline\">Looking for a verifying bank accounts before making a transaction?<\/div>\n            <div class=\"tool__product-note\">Check out our free verification platform for bank accounts and UPI ID or VPA.<\/div>\n        <\/div>\n        <a href=\"https:\/\/blogrevamp.cashfree.com\/bank-account-verification\" target=\"_blank\" rel=\"noopener noreferrer\"><div class=\"tool__product-button\">Verify Now<\/div><\/a>\n    <\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Failures_Due_to_Banking_Infrastructure\"><\/span>Failures Due to Banking Infrastructure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">No matter how robust the banking infrastructure is, it\u2019s bound to have a few cracks here and there. Although technology has made our lives immensely comfortable, it still needs a bit of maintenance and monitoring, especially when it comes to banking and finance. Due to this reason, there are times when banking infrastructures fail, and as a result, monetary transactions take a hit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, banking infrastructure issues contribute to 30% of overall transaction failure across India.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Related Post: <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><a href=\"https:\/\/www.cashfree.com\/blog\/multiple-payment-gateways\/\">Multiple Payment Gateways<\/a><\/mark><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Failure_Due_to_Account_Irregularity\"><\/span>Failure Due to Account Irregularity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">At times, the account to which the money is being transferred might be blocked, might not accept payments, or simply does not exist. This also leads to failure in transactions and can be a headache for a lot of businesses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Failure_Due_to_IMPS_Network\"><\/span>Failure Due to IMPS Network<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You might think that all the banks in India are a part of the IMPS network. Unfortunately, this isn\u2019t true. As a matter of fact, a lot of banks are not yet a part of the network. More than 30% of transactions dug out from our data bank show that these transactions have failed because merchants assume that the customer\u2019s bank is a part of the IMPS network.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/ji0ild4ZGyCeM7aHDLXmkgJS7SXm52nYOn3bc9CFzDMjFwFla5D66vVTWxeqxslarXH7JPwvbLavjU6ktd6AxwBm2nZE12RBmOK8e-1B6R1f9tqAw2BFW9NzliFiJZIsKdSE1ae9\" alt=\"top-bank-transfer-failure-reasons\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Happens_to_the_Payers_Account_during_these_Failures\"><\/span>What Happens to the Payer\u2019s Account during these Failures?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ever wonder how at times when a payment fails, your <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><a href=\"https:\/\/www.cashfree.com\/blog\/overseas-local-currency-bank-account\/\">bank account<\/a><\/mark><\/strong> still shows a deduction, and the money comes back into your account after 3-5 days? And then, at other times, payments failure doesn\u2019t deduct money from your account. Why is there an inconsistency?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To understand where payers can see a deduction and where they can\u2019t, you can refer to the table below:<\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td><strong>Failure Reason<\/strong><\/td><td><strong>Payer\u2019s Bank Account Debited?<\/strong><\/td><\/tr><tr><td>Originating bank server unresponsive<\/td><td>No. The server captured details but is not able to connect with NPCI, so the account is not debited.&nbsp;<\/td><\/tr><tr><td>Destination bank server unresponsive<\/td><td>Yes<\/td><\/tr><tr><td>NPCI unresponsive<\/td><td>Yes<\/td><\/tr><tr><td>Originating bank server overload<\/td><td>Maybe debited. In case of debit, the reversal takes up to 3 working days.<\/td><\/tr><tr><td>Destination bank not part of IMPS network<\/td><td>No<\/td><\/tr><tr><td>Wrong payee account name\/IFSC<\/td><td>For <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><a href=\"https:\/\/www.cashfree.com\/blog\/24x7-neft-transaction-rbi\/\">NEFT<\/a><\/mark><\/strong>, the account may be debited for some beneficiary banks, but this gets reversed in 1-2 hours.<br><br>IMPS transactions will go through since only account number and bank identity is checked from the IFSC.<\/td><\/tr><tr><td>Wrong payee account number<\/td><td>If the account does not exist, the request will fail at the originating bank itself. Any amount, if debited, will be immediately credited back to the source account.<\/td><\/tr><tr><td>Incorrect file &#8211; Account details<\/td><td>Yes. The reversal will happen by the next working day.<\/td><\/tr><tr><td>Payee account blocked<\/td><td>Payer will be debited, but the transaction will be reversed.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The time taken to reverse a failed transfer depends on the timeline of the bank and varies from bank to bank. Some banks reverse manually in batches, others do so automatically and thus faster.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Payments_Success_Rates_of_the_Top_Banks_in_India\"><\/span>Payments Success Rates of the Top Banks in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">We observed a variance amongst banks in IMPS success rates and brought up the best performing banks (we only covered banks that saw a minimum of 1000 transfers being attempted). For comparison, the success rates take into account the effects of Cashfree\u2019s routing algorithm. The percentage increase in the success rate due to the algorithm is also shown.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cashfree has integrated with all major banks to ensure a<strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"> <a href=\"https:\/\/www.cashfree.com\/blog\/what-are-payouts\/\">high success rate of payments transfers.<\/a><\/mark><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/QGwVMbUezRbS92t8fK68oyY5bLBI2o4eAqYo2YilRyQjVn9ObTlBT4-eCm6ZQZfbuqZ9i-ClEUBKs0yZGBOpACJTaRDSLlEhq9UVEUb0_rFmbA5_whm_YZ1fjrF8XSPLNCW7zRbi\" alt=\"top-10-banks-for-payments-success-rate\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/D-s3xEuf258D_uRpaoqNchL0jGL7n454UmE501GMusIyo2y-JgzmYrsh1bOqJHzbCdRr7kOe0eEx-H6MymWRG50mTuwERsYJmnuPRnhoxalp-qurcMnjw-uJP33NE7CYy3XJpi_x\" alt=\"bottom-10-banks-by-payout-success-rates\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">In our next post, we will cover the improvement in banking technology, and how Cashfree is bettering these success numbers. Stay tuned for the final chapter of this 3-part blog.<\/p>\n\n\n\n<!-- DESKTOP -->\n<div class=\"tool__product desktop-banner d-none d-md-block d-lg-block d-xl-block\">\n    <div>\n        <div class=\"tool__product-icon\"><\/div>\n        <div class=\"tool__product-copy\">\n            <div class=\"tool__product-headline\">Read Part 3<\/div>\n            <div class=\"tool__product-note\">Payments in India: Part 3 \u2013 The evolution of banking technology<\/div>\n        <\/div>\n        <a href=\"https:\/\/cashfree.com\/blog\/payments-in-india-part-3-the-evolution-of-banking-technology\/\" target=\"_blank\" rel=\"noopener noreferrer\"><div class=\"tool__product-button\">Read Now<\/div><\/a>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In our previous post, we discussed how RTGS, NEFT, IMPS, UPI work. In the second part of this blog, we discuss why transactions across these modes fail.\u00a0 While discussing bank transfer failures \u2013 first, we will remove failures due to incorrect bank account details. The reason is simple \u2013 no matter how robust you make<\/p>\n","protected":false},"author":10,"featured_media":6982,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1,1383],"tags":[1381],"class_list":["post-1782","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all","category-payments","tag-payment-solution"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Payments in India - Part 2: Why do Bank Transfers Fail? - Cashfree Payments Blog<\/title>\n<meta name=\"description\" content=\"Learn about why transactions and payments fail in India. This part-2 of a blog series looks at various reasons of why payments fail in India.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cashfree.com\/blog\/payments-in-india-part-2-why-do-bank-transfers-fail\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Payments in India - Part 2: Why do Bank Transfers Fail? - Cashfree Payments Blog\" \/>\n<meta property=\"og:description\" content=\"Learn about why transactions and payments fail in India. This part-2 of a blog series looks at various reasons of why payments fail in India.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cashfree.com\/blog\/payments-in-india-part-2-why-do-bank-transfers-fail\/\" \/>\n<meta property=\"og:site_name\" content=\"Cashfree Payments Blog\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-11T07:01:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-08T07:13:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2019\/10\/payout-bank.png?fit=1114%2C696&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"1114\" \/>\n\t<meta property=\"og:image:height\" content=\"696\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Yash Vardhan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yash Vardhan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Payments in India - Part 2: Why do Bank Transfers Fail? - Cashfree Payments Blog","description":"Learn about why transactions and payments fail in India. 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