Why did the UPI mandate fail even though the IPO was allotted?

The UPI mandate can fail even after IPO shares have been allotted due to technical issues with the bank.
 

Here’s what happens:

  1. Once shares are allotted, the registrar sends the allotment file to the bank.
     
  2. The bank then deducts the required amount from your account.
     
  3. If the bank faces technical issues, the funds might not be debited immediately.