|
|
|
|
RBI for online dispute resolution system in digital payments
|
|
|
|
| Top Stories |
 |
|
|
|
SME Times News Bureau | 08 Aug, 2020
In a major development for digital payment services, the Reserve Bank of
India has decided that payment system operators (PSOs) will have to
implement Online Dispute Resolution (ODR) systems in a phased manner.
The
RBI has said that to begin with, authorised PSOs shall be required to
implement ODR systems for failed transactions in their respective
payment systems. Based on the experience gained, ODR arrangements will
be extended to other types of disputes and grievances.
As the
number of digital transactions rise significantly, there is a
concomitant increase in the number of disputes and grievances.
"Recourse
to technology driven redressal mechanisms that are rule-based,
transparent and involve minimum (or no) manual intervention is necessary
to deal with them in a timely and effective manner. Accordingly, the
Reserve Bank shall require Payment System Operators (PSOs) to introduce
Online Dispute Resolution (ODR) Systems in a phased manner," RBI's
Statement on Developmental and Regulatory Policies said.
Further,
the central bank has also proposed to allow a pilot scheme for small
value payments in off-line mode with built-in features for safeguarding
interest of users, liability protection, among others.
It noted
that there has been considerable growth in digital payments using mobile
phones, cards, wallets, etc. However, lack of internet connectivity or
low speed of internet, especially in remote areas, is a major impediment
in adoption of digital payments.
Against this backdrop,
providing an option of off-line payments through cards, wallets and
mobile devices is expected to further the adoption of digital payments.
The Reserve Bank has been encouraging entities to develop offline
payment solutions.
"Based on experience gained, detailed guidelines for roll-out of the scheme will be announced in due course, said the statement.
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
₹95.3
|
₹93.6 |
UK Pound
|
₹127.7
|
₹123.7 |
Euro
|
₹110.65
|
₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
|
|
| Daily Poll |
 |
 |
| What’s your biggest challenge with the 45-day payment rule? |
|
|
|
|
|
| Commented Stories |
|
|
|
|
|
|
| |
|
