The Reserve Bank of India (RBI) has announced measures to the strengthen grievance redressal mechanism and security features for users of digital payment services in the country.
These measures include a 24×7 customer helpline to address payment systems related queries, setting up of an integrated ombudsman platform and outsourcing norms for payment companies availing services of third-party players for stricter monitoring.
The RBI governor Shaktikanta Das had announced these measures during the recent Monetary Policy Committee (MPC) address. “To make the Ombudsman mechanism simpler, efficient and more responsive, it has been decided to integrate the three Ombudsman schemes and introduce centralised processing of grievances following a ‘One Nation One Ombudsman’ approach,” Das said.
While, the Integrated Ombudsman Scheme will be rolled out in June 2021, the proposed 24×7 customer helpline, expected to go live by September 2021.
Talking about outsourcing of payment systems to third-party players, Das added, “The resilience of the digital payments ecosystem to operational risks needs to be constantly upgraded. A potential area of operational risk is associated with outsourcing by payment system operators (PSOs) and participants of authorised payment systems. To manage the attendant risks in outsourcing and ensure that a code of conduct is adhered to while outsourcing payment and settlement related services, the Reserve Bank shall issue guidelines on outsourcing of such services by these entities.”
At present, the framework consists of three separate schemes for banks, non-bank financial company (NBFCs) and non-bank prepaid payment issuers (PPIs) operated by the RBI from twenty-two offices across the country.
