RBI 2018-12-07

How RBI’s Ombudsman Scheme Will Boost The Online Transaction in India

Because of the government’s unrelenting ‘Digital India’ push, digital transactions in the country reached a record a threefold growth

By Content Writer
How RBI’s Ombudsman Scheme Will Boost The Online Transaction in India

The emerging innovations in digital space have changed the way we manage and handle our finances. Digital payment has become the most preferred choice of payment among the millennials. After the famous demonetisation, the usage of online transactions has considerably increased.

Because of the government’s unrelenting ‘Digital India’ push, digital transactions in the country reached a record a threefold growth. 

Almost everyone has the smartphone in his or her hands and is accessing banking at their fingertips. Given the hassle-free easy transactions, which online payment apps offer, people have readily switched to this mode of payment as their most preferred.

Owing to the sector’s immense potential, a number of global players including Google, Amazon, PayPal and Uber have already made their foray into the Indian digital payments space, with WhatsApp slated to join the bandwagon in the next few weeks.

However, every coin has two sides. With the exponential growth of digital transactions, cybercrimes and fraudulent transaction have also come into effect. This is one of the major reasons that many people are still sceptical of adapting to an online payment method.

To address this issue, Reserve Bank of India (RBI) has announced setting up of ombudsman for digital transactions.

Boosting Consumer Confidence

There is a dire need for a dedicated, cost-free and expeditious grievance redressal mechanism for strengthening consumer confidence.

Mahesh Kumar Jain, Deputy Governor, RBI, said, “The Reserve Bank’s endeavour to build a less-cash society has facilitated a significant rise in volumes, value and channels for conducting digital transactions. For promoting the level of trust and customer confidence in this powerful channel that has wide and deep reach, a dedicated and empowered grievance redressal mechanism is a prerequisite. It has therefore been decided to implement an ‘Ombudsman Scheme for Digital Transactions’ covering services provided by entities falling under Reserve Bank’s regulatory jurisdiction.”

Addressing Consumer Complaints

RBI’s Ombudsman is not a new concept; it has been laid out in 2006 for consumers to register complaints to the ombudsman—an RBI official in the rank of the chief general manager or general manager.

A similar structure is going to be drawn up for online transactions. An RBI-monitored system to handle the customer complaints that are not addressed by the payment service provider, the escalation matrix and turnaround time for complaint resolution will certainly go a long way in boosting consumer confidence in digital transactions.

Comment
image
image
mobile
address
star franchise india
mahesh : 11, Dec 2018 at 12:00 AM
new shop
avanish singh : 11, Jul 2019 at 04:09 PM
for business
Related opportunities
  • Real Estate Sub
    About Us: RE/MAX is one of the World’s largest and most..
    Locations looking for expansion New Delhi
    Establishment year 1973
    Franchising Launch Date 2009
    Investment size Rs. 10lac - 20lac
    Space required 800
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater South Delhi New Delhi
  • Quick Service Restaurants
    About Us: Virgo Hospitality Established in the year 2016 with an outlet..
    Locations looking for expansion Delhi
    Establishment year 2016
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater New delhi Delhi
  • Healthcare Products
            Deals with different brands for healthcare nutrition..
    Locations looking for expansion Haryana
    Establishment year 2004
    Franchising Launch Date 2020
    Investment size Rs. 10lac - 20lac
    Space required 240
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Gurgaon Haryana
  • Juices / Smoothies / Dairy Parlors
    About Us: Jugo Cafe started as Fresh Juice Outlet in major..
    Locations looking for expansion Delhi
    Establishment year 2007
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required 400
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts

pincode
;
ads ads ads ads