Reserve Bank of India plans payments authority

Reserve Bank of India plans payments authority

The Reserve Bank of India is likely to set up an ombudsman for digital payments by March to take the load off the increasing number of complaints presently being handled by the banking ombudsman, said two senior bankers with knowledge of the matter.

Given the rapid adoption of digital payments in the whole of the country, RBI in its Annual Report for 2017-18 had said it was referring a plan to establish a separate ombudsman to handle consumer complaints related to digital transactions. The central bank is currently in the process of creating a scheme for establishing offices across the country for the digital payments ombudsman, ET has learned.

“We could have these offices established by early next year. The central bank is working on making a scheme and it should function very similar to the banking ombudsman,” said one of the bankers familiar with RBI’s plans. As per RBI’s banking ombudsman scheme laid out in 2006, there are several criteria on the basis of which consumers can make complaints to the ombudsman—an RBI official in the rank of chief general manager or general manager. The two senior bankers alleged a similar structure will be drawn up for the payments ombudsman.

RBI did not immediately reply to queries on the issue. With digital transactions gaining at a sudden pace over the past year, multiple issues such as failed transactions or funds sent to the wrong address have been cropping up as well. This has forced RBI to sit up and take notice of such matters through an ombudsman mechanism, the bankers said.

Previous RBL Bank plans to go for a ‘selective’ approach to finance highway
Next The government set up turn up the heat on RBI governor Urjit Patel

No Comment

Click on a tab to select how you'd like to leave your comment

Leave a reply

Your email address will not be published. Required fields are marked *