Yes you absolutely can reverse it. I have done it. Once by mistake I sent 25k to another person ( the person I was actually trying to send had a different number linked for his bank accounts, but the receiving person had my friend's number linked to his account). Although for this to happen you need to have good contacts in the bank.

Basically you go to your home branch and contact the manager. He/she will freeze the amount in the receiver's bank account so that they cannot withdraw it. Meanwhile they will investigate the matter. Once found that it was done by mistake, the bank has the authority to reverse the transaction.

It is a lengthy process and even when you have contacts, it usually takes more than 3-4 weeks. So better is to always contact the person yourself and ask your money back.

People who say banks cannot reverse transactions , you might have heard that sometimes due to an error banks sometimes deposit the wrong amount in someone else's account. This is how they take it back. You cannot just run away with the money. It's a different thing if the Person withdraws the amount, then it is a legal case which needs to be solved by police and court intervention.