Mumbai, Dec. 10 -- State Bank of India Managing Director (Corporate Banking and Subsidiaries) Ashwini Kumar Tewari on Wednesday said the banking system in India is looking at ways and means to help customers retrieve funds in cases of fraud or inadvertent transactions, but stressed that any move to introduce any mechanism must come from regulators such as RBI and NPCI.

Referring to suggestions that UPI payments could be held temporarily before settlement, Tewari said there have been suggestions from a few quarters.

"Nothing has moved ahead so far. This falls under the domain of RBI and NPCI, and they will have to decide it. No single bank can decide upon it, whether a UPI payment can be freezed for 30 minutes (or so and so). Deliberatio...