ANI
18 Mar 2023, 15:25 GMT+10
Kochi (Kerala) [India], March 18 (ANI): Reserve Bank of India Governor Shaktikanta Das on Saturday stressed the importance of the availability and affordability of an expeditious grievance redressal mechanism in digital payments.
Speaking at the Payment System Operators (PSO) Conference in Kochi on Saturday, the government said, "Availability and affordability of an expeditious grievance redress mechanism is of utmost importance to ensure public trust in digital payments."Shaktikanta Das said while the traditional bank branch model offers a physical place where customers could lodge their grievances, the same might not be the case in digital payments where users sometimes find it difficult to ascertain the appropriate forum for lodging their grievances. "More the struggle undertaken by people in resolving their grievances, more unlikely it becomes that they would attempt digital payments in future," he added.
Prompt reconciliation of transactions by PSOs is an easy and expeditious method of addressing customer grievances, the governor said, adding that latest technologies might also be leveraged to support rule-based resolution of grievances with zero to minimal manual intervention.
While there is wide appreciation of the Online Dispute Resolution (ODR) system conceived by RBI, the governor questioned, "how many PSOs have actually enabled it? Should not the entities embrace such initiatives upfront and enhance customer satisfaction? After all, PSOs deal with public money."The governor also said the increase in digital payments and its users also brings to the fore potential risks pertaining to cyber security, data privacy and operational resilience. "PSOs must always be cognizant of the emerging threats and put in place suitable risk mitigation measures. A related area that requires focus is outsourcing arrangements of PSOs with their vendors," he added.
Service level agreements with vendors should meet minimum standards prescribed by the RBI, he said, adding, "In all such agreements, PSOs' right to conduct audit of the service provider must always be ensured."The governor said many new-age tech firms are entering the payments ecosystem and some of them have come under the regulatory ambit of the Reserve Bank for the first time.
"In this digital age, there is a necessity to constantly upgrade the systems so as to remain relevant and increase efficiency. Legacy systems must be updated to bring them in line with changing realities," the governor said, adding, "While any system may be presumed to be resilient and safe, a single bad experience of the customer with digital payments may drive him away to other channels or modes of payments. PSOs have a big responsibility here." (ANI)Get a daily dose of Bristol Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Bristol Star.
More InformationWASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
PARIS, France: L'Oréal is making a fresh play in the booming premium haircare segment with a new acquisition. The French beauty conglomerate...
Taipei [Taiwan], July 8 (ANI): Taiwan's Minister of Economic Affairs, Kuo Jyh-huei, on Monday said the negotiations on the tariff between...
London [UK], July 8 (ANI): Star cricketer Virat Kohli, along with his wife and actress Anushka Sharma, were spotted at the centre court...
London [UK], July 8 (ANI): India's campaign at Wimbledon 2025 ended as the men's doubles pair of Yuki Bhambri and Robert Galloway crashed...
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term shylock is regarded as antisemitic when he used it in...
PARIS, France: A strike by French air traffic controllers demanding improved working conditions caused significant disruptions during...
OMAHA, Nebraska: With Congress considering cuts totaling around US$1 trillion to Medicaid over the next decade, concerns are rising...
ROME, Italy: Quick thinking by emergency responders helped prevent greater devastation after a gas station explosion in southeastern...
WASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...