Online Transaction Failed: This Is What RBI Plans To Do

The Reserve Bank of India has asked authorized payment system operators to bring in place proper platform for customer grievance redressal. These payments system operators comprise of pre-paid payment instruments, card schemes, cross-border in-bound money transfers, Automated Teller Machine (ATM) networks and centralised clearing arrangements.

Also as per an RBI statement on Developmental and Regulatory Policies released on April 4, 2019, there has been made a guideline to compensate the customer monetarily in case the grievance redressal is not made in a stipulated time or has been delayed in respect of failed online transactions.

Say for instance banks are asked to detail the contact number and name of officers in the ATM premise. And similar guidelines are proposed to be in place for other payment operator types.

And as the time to resolve issue varied across payment platforms, there has to be created a harmony in respect of turn around time (TAT) for customer complaint resolution and charge-backs.

The Reserve Bank proposes to put in place a framework on TAT for resolution of customer complaints and compensation framework across all authorised payment systems by the end of June 2019.

In 2019, the RBI introduced Ombudsman scheme for digital transactions. . The Scheme was introduced under Section 18 Payment and Settlement Systems Act, 2007, with effect from January 31, 2019.

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