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Given the rapid adoption of digital payments across the country, RBI, in its 2017-18 annual report, announced its intention to create a separate ombudsman to deal with consumer complaints related to digital transactions. . AND learned that the central bank is creating a system of establishing offices across the country for the digital payments mediator.
"We could have these offices installed early next year. The central bank is working to create a system that should work very similarly to the banking ombudsman, "said one banker familiar with the RBI's plans. According to the RBI's ombudsman system established in 2006, there are various criteria for consumers to file a complaint with the mediator – an RBI official with the rank of executive director or general manager. The two leading bankers indicated that a similar structure would be established for the payments mediator.
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<p> RBI did not immediately respond to inquiries about this. While digital transactions have grown at a rapid pace over the past year, many issues, such as failed transactions or funds sent to the wrong address, have also been raised. This forced RBI to sit down and take notice of these problems through an ombudsman mechanism, the bankers said.
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<p> "The central bank is also trying to develop a framework to collect information on the different types of fraud reported throughout the payments space", said the second banker mentioned above. . "The overall goal of RBI is to reduce the number of frauds and build confidence in payment systems."
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<p> <strong> Cos to have a senior officer </strong><br />
<br /> The RBI had declared in its August annual report "the growing number of complaints regarding digital payments received by the offices of the banking ombudsman and the large number of prepaid payments instruments issued by banks and non-bank issuers required the creation of a separate mediator for digital transactions. "
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<p> Last year, RBI had issued instructions to mobile money market issuers and non-bank payment entities to establish a publicly disclosed dispute resolution framework for clients. "(PPIs will designate) a nodal agent to handle client complaints, ladder escalation matrix and complaint processing time. The claim system, if it's available on the website / on the mobile, must be clearly and easily accessible, "said RBI in a standard circular published in October 2017.<br />
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