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 San Jose Sun 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 San Jose Sun.
More InformationThis campaign explores ice hockey players' influence and popularity beyond their National Hockey League (NHL) careers. The goal was to ...
(Photo credit: Mark J. Rebilas-USA TODAY Sports) The Phoenix Suns will attempt to bounce back from an unfulfilling night at ...
(Photo credit: Mark J. Rebilas-USA TODAY Sports) The Denver Nuggets will seek their third straight win on the road when ...
(Photo credit: Alonzo Adams-USA TODAY Sports) Everything is coming together for Oklahoma City Thunder star Shai Gilgeous-Alexander, whose team has ...
(Photo credit: Nathan Ray Seebeck-USA TODAY Sports) Charleston coach Pat Kelsey spent the remainder of the 2023 NCAA Tournament wondering ...
(Photo credit: Stephen Lew-USA TODAY Sports) The New Orleans Pelicans generally lean on Zion Williamson and Brandon Ingram to lead ...
WASHINGTON D.C.: This week, the White House said that Senior Biden administration officials met with the makers of respiratory syncytial ...
CHEYENNE, Wyoming: This week, the Biden administration raised US$3.4 million from a sale of oil and gas drilling rights in ...
NEW YORK, New York - U.S. stocks extended their rally on Friday despite remarks by Federal Reserve Chair Jerome Powell ...
MOSCOW, Russia: Russia's trade in oil with India, one of the most lucrative oil trade routes since the imposition of ...
LONDON - Health experts and tobacco campaigners have strongly criticized New Zealand's decision to repeal laws that aimed to ban ...
NEW YORK, New York - The Dow Jones index was the standout on U.S. financial markets on Thursday with a ...