RBI announces proposals to strengthen grievance redressal for digital payment users
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They include setting up of an integrated Ombudsman platform, a 24 7 customer helpline to address payment systems related queries.
Reuters
The Reserve Bank of India on Friday announced a slew of measures to strengthen grievance redressal and security features for users of digital payments in the country.
They include setting up of an integrated Ombudsman platform, a 24 7 customer helpline to address payment systems related queries and outsourcing norms for payment companies availing services of third-party players for stricter monitoring.
The central bank governor Shaktikanta Das announced these measures on Friday during the Monetary Policy Committee (MPC) address to strengthen and deepen India’s digital payments network to gradually replace cash-based transactions in the country.
‘One Nation One Ombudsman’ approach for grievance redressal
February 05, 2021
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The Reserve Bank of India, on Friday, proposed the ‘One Nation One Ombudsman’ approach for grievance redressal, in a move aimed at enhancing consumer protection.
“To make the alternate dispute redress mechanism simpler and more responsive to the customers of regulated entities, it has been decided to implement, inter alia, integration of the three ombudsman schemes and adoption of the ‘One Nation One Ombudsman’ approach for grievance redressal,” said the Statement on Developmental and Regulatory Policies.
This is intended to make the process of redress of grievances easier by enabling the customers of the banks, NBFCs and non-bank issuers of PPIs to register their complaints under the integrated scheme, with one centralised reference point, it said.
Updated Feb 05, 2021 | 13:09 IST
The major payment system operators would be required to facilitate setting-up of a centralised industrywide 24x7 helpline for addressing customer queries in respect of various digital payment products RBI to set up a 24x7 helpline for digital payment services
New Delhi: In another move to strengthen the digital payment services in the country, RBI Governor Shaktikanta Das on Friday announced the setting up of a 24X7 helpline for digital payment services. The announcement was made via Statement on Development and Regulatory policy issued today.
In its statement, RBI said, Many safety and security features and measures for redress of grievances have been ushered in by the Reserve Bank of India for enhanced digital payments experience of users. The Payment Systems Vision document of RBI envisages setting up a 24x7 helpline for addressing customer queries in respect of various digital payment products.
Read more about One nation one ombudsman: RBI to integrate consumer grievance redressal on Business Standard. There are dedicated ombudsman schemes devoted to consumer grievance redressal in banking, non-bank finance companies and digital transactions, respectively, at present