RBI has announced certain
measures of protection of common bank account holders in today’s
Monetary policy statement. It includes setting up of 24*7 helpline for
digital payment services, integrated ombudsman scheme, CTS across all
bank branches and allowing retail investors to open Gilt accounts with
RBI. AIR Correspondent reports that the government is encouraging
various modes of digital payments.
As a result, digital transactions have registered massive growth in
recent times. But some users face difficulties during transaction has to
suffer a lot for grievance redressal.
The Payment Systems Vision document of RBI envisages setting up a 24x7
helpline for addressing customer queries in respect of various digital
payment products.
The helpline will, in addition to building trust and confidence, also
reduce expenditure on both financial and human resources, otherwise
incurred for addressing queries and grievances.
The major payment system operators would be required to facilitate
setting-up of a centralised industry-wide 24x7 helpline for addressing
customer queries in respect of various digital payment products and give
information on available grievance redress mechanisms by September
2021.
Going forward, RBI is also considering for facility of registering and resolving the customer complaints through the helpline.
The Cheque Truncation System (i.e CTS) is in use since 2010 and
presently covers around 1.5 lakh branches. But RBI has observed that
about 18,000 bank branches are still outside any formal clearing
arrangement. So, RBI has proposed to bring all such branches under the
CTS clearing mechanism by September 2021.
Financial consumer protection has always been the priority of the
central bank. As an alternate dispute resolution mechanism, RBI has
three Ombudsman for banking, Non-Banking Financial Companies and for
Digital transactions.
To make the alternate dispute redressal mechanism simpler and more
responsive to the customers of regulated entities, RBI has been decided
to implement, ‘One Nation One Ombudsman’ approach for grievance
redressal. The Integrated Ombudsman Scheme will be rolled out in June
2021.
Encouraging retail participation in the Government securities market
has been the focus area of the Government of India and the RBI.
In order to increase retail participation in government securities and
to improve ease of access, RBI has decided to move beyond the aggregator
model and provide retail investors online access to the government
securities market along with the facility to open their gilt securities
account (i.e. retail direct) with the RBI.
SOURCE ; PIB
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