Is It possible to get back your money If you transferred into wrong Bank Account?

Now these day's most of people doing lots of online transaction and rarely they takes much time to transfer the amount however imagine that if you've done transaction and after that you realized that the money has gone into wrong account.

Does The Bank have the Power to Reverse the Transaction? 
Well, Bank can't reverse it, unless they have an approval from the beneficiary. It's, therefore, important to be very alert while transferring money to a bank account.

Will you be able to get it back

Adhil Shetty, CEO, Bankbazaar.com, says, "The most important thing to understand is that if a transaction has been made, the bank cannot reverse it from its end without approval from the beneficiary. Bank can only act as a facilitator."

According to Reserve Bank of India (RBI) rules, it's the responsibility of the remitter to provide the correct beneficiary account number and other details while doing payment. There is no mandatory rule by the RBI that banks have to check each and everything. It's remitter’s responsibility to check the number twice and thrice

Ashutosh Khajuria, Executive Director, Federal Bank, says, "If there is a fraud in the payment, then it is null and void. But in the normal payment channel, if transfer is affected and the credit has been made, it is not easy to get back the money, unless the receiver agrees to return it back".

Here is a primer to help you understand what to do if you accidentally send money to a wrong bank account.

Reasons which results wrong transactions:

Due to human (typing a wrong account number) or technical errors

Human errors due to discrepancies in the account number, IFSC code or both

Technical glitches at the bank's end can also cause the error

 Time for quick action