Can I cancel a transaction once it is completed?

No, financial transactions cannot be cancelled once they are completed. The following reasons apply:

• Security Restrictions: Banks and financial institutions cannot reverse electronic payments or cash withdrawals after authorisation due to security protocols. This protects customers from fraudulent reversals.
• Transaction Irrevocability: Cheques, NEFT, IMPS, UPI and RTGS transactions cannot be cancelled under RBI regulations. These financial instruments use secure networks which do not allow transaction cancellation.
• Credit Card Payments: Cancellation of credit card payments is only possible if the merchant agrees and has not processed the payment yet. Once deposited, charges cannot be reversed.
• Loan Agreements: Personal loans, such as home and auto loans, involve legal loan agreements. As per the contract terms, loan providers cannot cancel disbursements without the mutual consent of the involved parties.
• Failed Transactions: In some instances, such as failed ATM transactions, customers can request a refund after due verification processes. However, the original payment cannot be cancelled or reversed.

While transactions cannot be cancelled, customers do have dispute resolution mechanisms available in case of issues such as fraudulent transactions and payment errors. However, as per banking protocols and regulations, outright cancellation or reversal is not possible once a payment is cleared. Customers must be vigilant when authorising transactions to avoid such issues.