RBI is also planning to create three different dedicated Ombudsmen in banking, nonbanking finance companies and digital transactions.After the demonetisation, there was a huge surge in digital payments and people started paying from mobile. People used different payment wallets but the most profitable was Paytm, which people used a lot. Government has also launched an app like Bhima, so Google has also recently launched an app named Tej.
To strengthen digital payment services, RBI will bring a 24-hour helpline number. RBI has said that by September 2021, a centralized helpline will be brought across the country so that customers can take information about various digital payment products and lodge their complaints.
Under the One Nation, One Ombudsman scheme, customers making digital payments on this helpline will be able to answer their questions. If there is any complaint related to digital payment, banking and finance companies, it can be registered on this number. The RBI gave this information during the monetary policy announcement on Friday.
‘One Nation, One Ombudsman’
According to the RBI, there are plans to create three different dedicated Ombudsmen in banking, nonbanking finance companies and digital transactions for redressal of complaints. Now, including the three, One Nation, One Ombudsman system will be implemented.
The objective of this initiative is to provide a single system of complaints to customers. Under this, the RBI can bring integrated scheme till June 2021. With this, customers will get a single system no different to the complaint.
Steps to strengthen digital payment services
According to the RBI, the products provided by the operators and participants of different authorized payment systems carry out a variety of activities. Often these activities are outsourced. The intention behind this is to increase efficiency and reduce expenses.
However, the risk of the system also increases for those providing such outsourced services. These increase the risk of cyber security. In view of this risk, RBI will issue guidelines. This step of RBI is being seen as part of the steps already taken to strengthen digital payment services.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.