There are 2 modes of refund powered by Shiprocket.
Store Credit: If the buyer has chosen Store Credit as a refund option, you can create a Discount Coupon for the amount of the refund and share it with the buyer directly from the Seller Panel.
Instant Refund: Instant Refund Modes, includes seamless options like UPI, Bank Transfer, and Payout Links, as well as the auto-refund feature.
You can configure your Refund Settings from Settings >> Refund Settings.