Digital Payment Failure? RBI Introduces Online Dispute Resolution System For All Your Grievances

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Digital Payment Failure? RBI Introduces Online Dispute Resolution System For All Your Grievances

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New Delhi: With the increase in use of digital mode for making payments, what has also come in front is the surge in the number of failed transactions while using net-banking, e-wallets etc, leading to disputes and grievances between customers and second party. ALSO READ | Lending Rates To Remain Unchanged, GDP Growth Negative: RBI Governor

For resolving customer disputes and grievances pertaining to digital payments, Reserve Bank of India announced introduction of Online Dispute Resolution (ODR) system, a rule-based mechanism with zero or minimal manual intervention.

In a statement released on August 6, the Reserve Bank of India stressed on the Payment System Vision – 2021, highlighting the need for technology – driven, rule – based, customer – friendly and transparent dispute redressal systems.

As a step in this direction, authorised Payment System Operators (PSOs) – banks and non-banks – and their participants are advised to put in place systems for ODR for resolving disputes and grievances of customers.

To begin with, authorised PSOs shall be required to implement an ODR system for disputes and grievances related to failed transactions in their respective payment systems by January 1, 2021. The PSOs shall provide access to such a system to its participating members i.e., Payment System Participants (PSPs).

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Any entity setting up a payment system in India thereafter or participating therein, shall make available the ODR system at the commencement of its operations.

The PSO and its PSPs shall provide the customers an access for lodging the disputes and grievances relating to failed transactions, irrespective of such transactions being onus or off-us in nature.

Based on experience gained, ODR arrangement would later be extended to cover disputes and grievances other than those related to failed transactions. Please note that if the grievance remains unresolved up to one month, the customer may approach the respective ombudsman.

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