Have you faced a failed online transaction and waited weeks before you got your money back?
Thanks to a new proposition by the Reserve Bank of India, you could get compensation paid to you if your bank delays in resolving the issue.
Surprised? We think you deserve this!
In recent news, the RBI is proposing to prescribe compensation that has to be paid to customers who face any delay in getting their failed transaction issue resolved. With a rise in digital payments in India, the RBI is issuing directions to several banks and payment solution companies to handle customer transactions with better security.
Other measures by RBI to handle failed online transactions:
In a bid to boost safer online payments, harmonise the TAT (Turn Around Time) to for customer complaints and charge-backs.
As per RBI rules, banks must display a list of customer support names and references in all its ATMs. The customer can refer to this in case of a failed ATM transaction.
What is the Ombudsman Scheme for Digital Transactions, 2019?
With regard to taking customer complaints more seriously, the RBI introduced the Ombudsman Scheme for Digital Transactions, 2019.
However, few know what it is still.
The Ombudsman Scheme for Digital Transactions is an expeditious and come-free apex level mechanism that takes care of complaint resolution with regard to digital payments. This Act is introduced under Section 18 of the Payments and Settlements Systems Act. The scheme moves to make customer grievances a matter of priority in online payments.
To file a complaint under this scheme, fill in a paper form. Submit it to the regional office of the Ombudsman or send an email to the Ombudsman of Digital Transactions.
Why benchmark India’s Digital Payment system?
The upcoming elections and a rise in online digital transactions over the past few years. The increase in MSMEs using the digital space to improve and keep better track of their online payments too has to lead to RBI pressing for more secure spaces in online payments. This is to increase online transaction success rates and regulate the refund TAT from payment gateways.
The RBI wants to gauge India’s progress against payment systems across the globe and figure out key problem areas. If digital payments in India are expected to cross 500 million in the next few years, it is not enough to track the volume, but also to gauge the penetration of digital payments in the country.
Has RBI set up a digital payments committee?
In their run to optimise digital payments in India, RBI has also set up a digital payments committee, apart from the Ombudsman.
The committee is run by the former UIDAI chairman Nandan Nilekani. The goal of the committee enters around pushing digital payments and enhancing financial inclusion in India. The other main roles of the committee include:
- To assess the existing status of digital payments
- Identify gaps and suggest ways to bridge them
- Suggest measures to enhance the security of digital payments
- Analyse best practices for digitisation of the economy through payments
- Provide a medium-term strategy for deepening digital payments
- Provide a roadmap for increasing customer confidence in digital payments
When it comes to addressing customer complaints and securing online payments for our customers, Instamojo is getting ahead of the game. Instamojo is compliant with Payment Card Industry Data Security Standards as a measure to make sure that the transaction data are 100% safe. Our refund TAT is compliant and on par with banks. If you are thinking of starting an online business and are new to the world of online payments, get started with us.