{"id":9271,"date":"2019-04-08T21:46:36","date_gmt":"2019-04-08T16:16:36","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=9271"},"modified":"2019-04-26T14:39:35","modified_gmt":"2019-04-26T09:09:35","slug":"failed-online-transaction-more-money","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/failed-online-transaction-more-money\/","title":{"rendered":"You Can Get Money for Failed Online Transactions – RBI"},"content":{"rendered":"

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<\/a>,<\/span> you could get paid if your bank delays in resolving the issue.<\/p>\n

In recent news, the RBI is proposing to compensate customers who face problems with their online transaction refunds.\u00a0 The RBI is issuing these directions to banks and payment solution companies to handle customer transactions faster and in a secure way.<\/p>\n

Other measures by RBI to handle failed online transactions:<\/h2>\n

RBI wants to harmonise the TAT (Turn Around Time) for customer complaints and charge-backs.\u00a0<\/a><\/span>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.<\/p>\n

What is the Ombudsman Scheme for Digital Transactions 2019?<\/h2>\n

The RBI introduced the Ombudsman Scheme for Digital Transactions 2019 to take customer complaints more seriously.<\/p>\n

The Ombudsman Scheme for Digital Transactions<\/a> <\/span>is a mechanism that takes care of digital payments complaint resolution. 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.<\/p>\n

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.<\/p>\n

Why benchmark India’s Digital Payment system?<\/h2>\n

As more MSMEs move towards using digital payments, the RBI is pushing for safety measures. These steps are aimed at increasing success rates of online payments and regulate the refund TAT<\/a><\/span> from payment gateways.<\/p>\n

The RBI wants to gauge India\u2019s 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 only enough to track the volume of payments but also to understand where the payments are being made from.<\/p>\n

RBI’s digital payments committee<\/b><\/h2>\n

In their bid to optimise digital payments in India, RBI has also set up a digital payments committee, apart from the Ombudsman.<\/p>\n

The committee is run by former UIDAI chairman Nandan Nilekani. The goal of the committee centers around pushing digital payments and enhancing financial inclusion in India. The other main roles of the committee include:<\/p>\n