As per a report by India Today, the refund time on IRCTC may soon drop to an hour and customers will not be required to wait for days to get refund on a cancelled or unbooked ticket.
Right now, the refund amount to come back to the account takes around 1-2 days in both situations, whether it is refunded on a canceled ticket or if a ticket did not get booked. The report suggests that the details are not yet finalized but IRCTC and Centre for Railway Information Systems are working on it to make it more convenient for users.
Customers have long complained about the longer duration of waiting time for their amount to get refunded.
Currently, the process may be sluggish. In case of a booking failure, IRCTC initiates the refund on the following day. Subsequently, the duration of refund processing varies, Then it is up to the banking institution or payment service utilized, potentially extending over several days.