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RBI to implement an Ombudsman scheme for digital transactions

RBI to implement an Ombudsman scheme for digital transactions

The Reserve Bank of India has announced that it will introduce an 'ombudsman scheme' to provide cost-free mechanism to redress grievances of customers related to digital transactions.

The scheme will be notified by the end of January next year.

Why?

Ever since demonetisation, digital transactions, including mobile wallets and UPI, have growth three-fold as of August 2018.

With the digital mode for transactions gaining traction in the country, there is an emerging need for a dedicated, cost-free and expeditious grievance redressal mechanism to strengthen consumer confidence. 

The central bank has also decided to come out with a framework for limiting customer liability in respect of unauthorised electronic payment transactions involving prepaid payment instruments.

It has already issued instructions on limiting customer liability in respect of unauthorised electronic transactions involving banks and credit card issuing non-banking financial companies.

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