Reversals are initiated by acquirers.

Currently, in BCS-RuPay application, Online Reversal Transaction does not get settled in RGCS system whenever the original and reversal transaction both do not form part of the same settlement cycle. We are working on making our BCS-RuPay system ready for processing of Online Reversals are received up to 72 hours from the transaction date, this development is in progress currently. Till such time, the card issuing bank to raise chargeback under reason code 1064 “Goods or services not provided / Not received - Services were not provided or goods not received by cardholder” with proper “Message Text” and attach the cardholder’s bank statement or Issuer’s Authorization/ Switch logs as evidence to prove that cardholder is in receipt of credit on account of “Online Reversal” and that settlement/ movement of funds between the Acquiring Bank and Issuing Bank is still pending. Further, you may speak to the acquiring bank asking them to quickly close the matter by “Accepting Chargeback” transaction at the earliest. The Acquiring banks can pro-actively initiate credit adjustment/void as applicable if there is excess settled on a reversal transaction.