What is a UTR number
A UTR number (unique transaction reference) is a unique reference code that is attached to every transfer sent to India.
On the recipient bank statement, the UTR number is visible on the received transfer. The exact format of the number can differ according to payment method.
How to check UTR number
- Method 1: Bank statements or passbooks
- Method 2: Internet banking
- Method 3: Mobile banking
- Method 4: Transaction confirmation email or SMS
How to check UTR Number in UPI?
To check your UTR number in UPI, open your UPI app and navigate to the ‘TRANSACTION HISTORY’ or ‘PAYMENT HISTORY’ section. Select the specific transaction, and you'll find the UTR number displayed in the transaction details. You can also check your bank statement or SMS/email confirmations.
Who generates UTR numbers in India
In India, UTR (Unique Transaction Reference) numbers are generated by the Reserve Bank of India (RBI) as part of the Electronic Funds Transfer (EFT) system. Each UTR number uniquely identifies a transaction and is crucial for tracking fund transfers between banks. When you make a transaction using platforms like Bajaj Pay UPI or Bajaj Pay Wallet, the system automatically generates a UTR number to identify and monitor the transfer process.
The UTR number is assigned to transactions processed through NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service) systems. This number ensures transparency and traceability of funds transferred electronically within the banking system.
How to track UTR number online
Tracking a UTR (Unique Transaction Reference) number online is a straightforward process. Here are the steps you can follow:
- Log in to your bank’s internet banking portal: Visit your bank’s official website and securely log in using your credentials.
- Navigate to transaction history: Once logged in, go to the 'Transaction History' or 'Account Statement' section. This is where you can view all your recent transactions.
- Locate the relevant transaction: Use filters such as date range, amount, or transaction type to find the specific transaction you want to track.
- Find the UTR number: The UTR number will be displayed in the transaction details. Look for fields labeled 'UTR,' 'Reference Number,' or 'Transaction ID'.
- Mobile banking apps: If you prefer using a mobile app, open your bank’s app and log in. Navigate to the 'Transaction History' section, select the relevant transaction, and view the UTR number in the details.
Importance of UTR numbers
UTR numbers play a crucial role in the banking and financial sectors. Here are some key reasons why they are important:
- Transaction tracking: UTR numbers help in tracking the status of transactions. If a transaction is delayed or not credited, the UTR number can be used to identify and resolve the issue efficiently.
- Transparency and security: Each transaction has a unique UTR number, which reduces errors and fraud. This unique identifier creates a traceable record, enhancing the security and transparency of financial processes.
- Dispute resolution: UTR numbers are essential for resolving transaction disputes. They provide clear proof of transaction details, allowing for quick and precise resolution of issues.
- Verification: UTR numbers are used to verify the success or failure of transactions. They help customers and banks confirm whether a transaction has been completed successfully or if there are any issues that need to be addressed.
- Record keeping: UTR numbers facilitate accurate record-keeping for both users and financial institutions. They help maintain a clear and organized record of all transactions, which is essential for auditing and compliance purposes.
How can I find the UTR number for my transaction
When you use Bajaj Pay UPI or Bajaj Pay Wallet for a transaction, you can find the UTR number through the following methods:
- Check transaction details: After completing a transaction, you will receive a confirmation message or email. This communication often includes the UTR number for reference.
- Bank statement: The UTR number is also recorded in your bank account statement associated with the transaction. You can view this detail when you check your statement online or receive a physical copy.
- Contact customer support: If you cannot locate the UTR number through the above methods, you can contact Bajaj Finserv's customer support. Provide them with transaction details, and they will assist you in retrieving the UTR number.
How to make payments using Bajaj Pay UPI
Bajaj Pay UPI allows you to make instant fund transfers directly from your smartphone. Here is how to use it:
- Open the Bajaj Pay UPI app
- Locate the ‘PAY’ section within the app
- Initiate a payment by entering the recipient's VPA (Virtual Payment Address) or bank account details (account number and IFSC code). Alternatively, scan their QR code if available
- Enter the payment amount and add a reference note (optional)
- Double-check all details and confirm the payment
- Enter your secure UPI PIN to authorise the transaction
- Upon successful payment, you will see a confirmation message and might receive an SMS notification from your bank
Conclusion
In conclusion, while platforms like Bajaj Pay UPI or Bajaj Pay Wallet initiate your fund transfers, the UTR number itself is not generated by them. Instead, the central bank, RBI, assigns a unique UTR number to each NEFT, RTGS, or IMPS transaction. This number acts like a fingerprint, allowing you to track and monitor your transfers. Finding your UTR number is easy; it is usually included in transaction confirmations or your bank statement.
