ICICI Bank shall execute a Payment Order issued and duly authorised by the User, unless: (a) the funds available in the Account(s) of the User are not adequate or funds are not properly applicable/available to comply with the Payment Order; or (b) the Payment Order is incomplete or it is not issued in the agreed form; or (c) ICICI Bank has reason to believe that the Payment Order is issued to carry out an unlawful transaction; or (d) the Payment Order cannot be executed under the NPCI UPI System.
No Payment Order issued by the User shall be binding on ICICI Bank until ICICI Bank has accepted it.
ICICI Bank shall, for execution of every Payment Order, be entitled to debit the designated Account(s) of the User, with the amount of the funds to be transferred together with charges payable thereon.
A duly authenticated record of the transaction after completion of the funds transfer or funds collection or response to a funds collect request will be recorded in the statement of account in the mobile application of ICICI Bank or in the Partner Application (in case of UPI Plug-in). The transaction will also be recorded in the statement of account issued by the User’s bank to the user. The User shall, within a period of ten days from the date of receipt of the monthly statement, report to ICICI Bank any discrepancy in the execution of the Payment Order. The User agrees that he/she shall not be entitled to dispute the correctness of the execution of the Payment Order or the amount debited to his Account(s) if he fails to report the discrepancy within the said period.
ICICI Bank for providing the UPI Facility or the UPI Plug-in facility to the User shall follow the process prescribed by NPCI in this regard including but not limited to process for settling of timed out transactions within the time limit prescribed by NPCI.
ICICI Bank may review user transactions for identifying high risk transactions and reserves the right to not process the transaction if it believes it to be suspicious, fraudulent or unusual and report the transaction and user account details to legal enforcement agencies or other regulatory authorities as applicable or notified by law.