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.