SBI — IMPS timed out for transaction[protected]

Address:

Hyderabad, Andhra Pradesh

I had transferred money today morning using IMPS option through SBI. AS the name itself says Immediate Payment Service. IT was an emergency transfer. After the deduction happened in the savings account, it says IMPS transaction timed out @8.30 am. I reached the home branch guys for resolving this and they say it will take 2-3 working days to get back your money refund to the account from which transfer happened.
Does this make sense?
IF the transfer could not happen through IMPS, the amount should be credited back to the owner. How the bank keep our money for 2-3 days? After all the transaction was done for attending the emergency for funds. But the beneficiary is the bank and not the transferer or the transferee. Is this not cheating the public and trading with the public money for free?
Who is responsible for this system? The individual banks or the RBI? Why should the account holder become the scape goat? IS this not a serious issue to be attended and resolved on priority?
IF the transaction fails, the amount should be credited back immediately and definitely after few DAYS!!!
This failure costed me nearly 1000 bugs. Who would compensate this to me? The ECS from HDFC Bank bounced just because of this blunder by the SBI Bank.

I and many people like me need an answer, a solution to such recurring situation.

I hope there is some responsible person to answer this.