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 Australian Herald 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 Australian Herald.
More InformationHONOLULU, Hawaii: Pharmaceutical giants Bristol Myers Squibb and Sanofi have agreed to pay $700 million to Hawaii to settle a lawsuit...
WASHINGTON, D.C.: The U.S. Food and Drug Administration (FDA) said this week it will start using artificial intelligence (AI) in all...
NEW YORK CITY, New York: Citigroup must defend itself against a revived lawsuit accusing the bank of facilitating and concealing a...
Gaza Faces Imminent Famine as Aid Blockade Enters 70th Day, UN Warns The entire population of Gaza is now at critical risk of famine,...
WASHINGTON, D.C.: The Republican-led U.S. House of Representatives has passed a bill to rename the Gulf of Mexico as the Gulf of America,...
HARRISBURG, Pennsylvania: People in Pennsylvania who are 21 or older could soon be allowed to legally buy and use marijuana. The state...
New Delhi [India], May 13 (ANI): Former spinner Ravichandran Ashwin handpicked his 'favourite piece of batsmanship' of India batting...
New Delhi [India] May 13 (ANI): Temba Bavuma leads a 15 squad of South Africa for the upcoming ICC World Test Championship (WTC) 2025...
Mumbai (Maharashtra) [India], May 13 (ANI): After star batter Virat Kohli's announced his retirement from Test cricket, Bollywood actor...
New Delhi [India], May 13 (ANI): During his 14-year, 123-match long Test career, Indian batting legend Virat Kohli played knocks which...
New Delhi [India], May 13 (ANI): Legendary South African batter AB de Villiers warned Australia not to take South Africa lightly during...
New Delhi [India], May 13 (ANI): Legendary Indian batter Virat Kohli bowed out of the Test format on Monday, putting an end to a 14-year,...