RBI planning to create office of payments ombudsman

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With the country seeing a remarkable increase in the number of digital transactions, the Reserve Bank of India is considering the feasibility of setting up an office of payments ombudsman, according to a report by The Economic Times.

 

RBI
The RBI could set up the office of payments ombudsman to handle cases related to digital transactions.

The office is likely to be set up by March next year, with the payments ombudsman likely to handle complaints surrounding digital transactions. The banking ombudsman is currently dealing with such cases.

According to the report, offices could be established for the ombudsman by early 2019, with the RBI working on a scheme for the same. The ombudsman is typically a senior official of the rank of either a general manager or a chief general manager.

The payments ombudsman will handle issues related to digital transactions, namely dealing with complaints associated with payments sent to wrong addresses, payments which failed, etc.

The offices of the payments ombudsman could be established in metros and any other cities the RBI sees fit, with the final structure yet to be decided.

Sources: The Economic Times, MoneyControl

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