India will soon have an ‘ombudsman’ to address consumer complaints about digital payments

Read full story
(Photo Source: Inc42.com)
  • India’s central bank plans to implement an ombudsman scheme to address complaints related to digital payments.
  • All payment services provided by entities that are currently regulated by the Reserve Bank of India will be included.
  • RBI has also issued instructions for limiting the liability of consumers in case of unauthorised e-transactions involving debit and credit cards issuing non-banking financial companies.
India has witnessed a dramatic increase in the use of e-wallets and digital payments transactions over the past year.

Nothing is more worrisome than getting a pop-up, “Your payment failed” soon after you have transferred money digitally. Moreover, not having a complaint system adds even more worry. It is quite common for Indian users to witness payment failures.

To address this, the Reserve Bank of India will appoint an ‘ombudsman’ to specifically address all the complaints related to digital payments for prepaid instruments. Its existing banking ombudsman allows consumers to seek the help of a senior official appointed by the bank to address banking-related complaints.

The bank has said it will soon implement a “cost-free, speedy and dedicate” ombudsman scheme to address all the consumer complaints against multiple issues faced while doing digital transactions in India.

Additionally, it is also planning to limit customer liability in case of unauthorised electronic transactions involving banks and credit card issuing non-banking financial companies (NBFCs).

Once notified, the scheme will cover all the services provided by entities registered under the Reserve Bank’s regulatory jurisdiction.

— With IANS inputs
{{}}
Add Comment()

Comments ()

X
Sort By:
Be the first one to comment.
We have sent you a verification email. This comment will be published once verification is done.