Students who applied for the Swami Vivekananda Scholarship for the academic year 2023-24 have begun the disbursement process. However, many have encountered issues, as some students are receiving messages indicating SVMCM Scholarship Transaction Failed even after the scholarship funds have been released.
To put it differently, although Bikash Bhaban has released the funds, students have not received the money in their accounts. This report will address the reasons for the “Transaction Failed” notifications related to the scholarship funds and provide guidance on how to request a refund.
Technical Glitches That Result in SVMCM Scholarship Transaction Failed
Despite the funds being released from Bikash Bhavan, many college students are still experiencing the issue of “SVMCM Scholarship Payment Failed.” This problem is also affecting school students. The primary cause of the “Payment Failed” issue is related to the students’ bank accounts. Let’s explore the underlying bank-related issues contributing to this problem.
- Minor Account Issues: Many student accounts are initially opened by schools, often categorized as minor or student accounts. If these accounts remain as such even after students enroll in college, they may encounter the “SVMCM Scholarship Transaction Failed” issue when applying for the Swami Vivekananda Scholarship. To avoid this, it’s crucial for students to upgrade their accounts from minor to major status during their college admission process.
- Tiny Accounts Issues: Another banking issue that can lead to complications in receiving Swami Vivekananda Scholarship funds is the existence of Tiny Accounts. These specialized accounts have significant limitations, including a restriction on transactions not exceeding 10,000 rupees per month and a maximum balance of 50,000 rupees. Such constraints can result in “SVMCM Scholarship Payment Failed” notifications for students attempting to access their scholarship funds.
- Additionally, if a bank account has been closed, or if an incorrect bank account number is provided during the application process—such as the account number of another individual—students may face issues receiving their Swami Vivekananda Scholarship funds.
Understanding the Refund Process After SVMCM Scholarship Transaction Failed
Students who have encountered payment problems with the Swami Vivekananda Scholarship will find a notice issued by the scholarship portal. This notice provides guidance on the necessary steps to take to obtain a refund and recover their funds.
Official Statements from Bikash Bhavan on Payment Issues
Students encountering a “Transaction Failed” message regarding their scholarship are advised to contact their bank without delay to investigate why the funds have not been credited. Make sure to gather all necessary information about the issue. After the bank resolves the problem, you should email the Directorate to inform them that your account issue has been corrected, enabling Bikash Bhavan to proceed with the refund.