ANI
18 Mar 2023, 19:55 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 Las Vegas 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 Las Vegas Herald.
More InformationBRUSSELS, Belgium: While chairing a meeting of EU foreign and defense ministers in Brussels this week, European Union (EU) foreign ...
BANGUI, Central African Republic: Authorities from the Central African Republic have said that nine Chinese nationals were killed and two ...
MENINDEE, Australia: After recent floods and hot weather, millions of dead fish have washed up in southeastern Australia, which authorities ...
BOISE, Idaho: Under a bill passed by the Idaho Legislature thios with a veto-proof majority, the state will allow firing ...
SACRAMENTO, California: The state of California and generic drug manufacturer Civica have announced a 10-year partnership to produce affordable, state-branded ...
CHEYENNE, Wyoming: A Wyoming bill outlawing the use or prescription of medication abortion pills, which was passed by the state's ...
PARIS, France: Amidst the mass deaths of dolphins and porpoises in recent years, France's highest administrative body has ordered the ...
MANILA, Philippines: An underwater robot from Japan has located a leaking fuel tanker, MT Princess Empress, which sank off the ...
NEW YORK, New York - A hike in official U.S. interest rates of 0.25 percent, and a jump in inflation ...
SEATTLE, Washington: In a memo to staff sent this week, Amazon CEO Andy Jassy said the company plans to cut ...
DETROIT, Michigan: Due to leaking brake hoses and windshield wiper arms that can break off, Ford is recalling more than ...
NEW YORK, New York - Wall Street continued its advance on Tuesday as investors continued to weigh up the health ...