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06/12/2018 02:13pm

RBI to implement ‘Ombudsman Scheme for Digital Transactions’ to strengthen consumer confidence

image RBI to implement ‘Ombudsman Scheme for Digital Transactions’ to strengthen consumer confidence

New Delhi, Dec 6 (KNN) Reserve Bank of India (RBI) has decided to implement an ‘Ombudsman Scheme for Digital Transactions’ covering services provided by entities falling under Reserve Bank’s regulatory jurisdiction.

Setting out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening of the financial markets; and enhancing customer education, protection and financial inclusion, RBI released statement on developmental and regulatory policies.

In the statement, RBI said “With the digital mode for financial transactions gaining traction in the country, there is an emerging need for a dedicated, cost-free and expeditious grievance redressal mechanism for strengthening consumer confidence in this channel.”

The scheme will be notified by the end of January 2019, said RBI.

In the same release, as a measure of consumer protection, RBI said “It has been decided to bring all customers up to the same level with regard to electronic transactions made by them and extend the benefit of limiting customer liability for unauthorised electronic transactions involving Prepaid Payment Instruments (PPIs) issued by other entities not covered by the extant guidelines on the subject.

The guidelines will be issued by the end of December 2018.

The Reserve Bank has issued instructions on limiting customer liability in respect of unauthorised electronic transactions involving banks and credit card issuing non-banking financial companies (NBFCs).

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