24/7 helpline for e-payment by September this year

2021-02-05 22:30:00

MUMBAI: In a move to improve confidence in digital payment transactions, the RBI has announced a 24X7 helpline for information on grievance redressals.
“The major payment system operators would be required to facilitate setting-up of a centralised industry-wide 24×7 helpline for addressing customer queries in respect of various digital payment products and give information on available grievance redress mechanisms by September 2021. Going forward, the facility of registering and resolving the customer complaints through the helpline shall be considered,” the RBI said in its monetary policy statement.

The governor pointed out that the RBI has taken many measures for safety and redressal of grievances for enhanced digital payment experience. Incidentally, setting up a helpline for customer queries on digital products was part of the vision document on payment systems.
Given the increase in cyberfrauds in the country, enforcement authorities have been asking the banking industry to set up a nodal point for reporting frauds.
The RBI has so far asked banks to provide customers an alert for each electronic transaction with an option to communicate and report if the transaction is fraudulent.

The central bank has also introduced the concept of ‘zero liability’ of customer if the fraud has been undertaken without customer negligence and if the fraud is reported in time.

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