APN News

  • Wednesday, December, 2018| Today's Market | Current Time: 05:37:41
  • RBI to implement an Ombudsman scheme for digital transactions

    Published on December 6, 2018

    Reserve Bank of India has said that it will implement an Ombudsman Scheme for Digital Transactions covering services provided by entities falling under Reserve Banks regulatory jurisdiction.

    According to the central bank, the scheme will be notified by the end of January 2019. In a statement,

    RBI said, with the digital mode for financial transactions gaining traction in the country, there is an emerging need for a dedicated, cost-free and expeditious grievance redressal mechanism for strengthening consumer confidence in this channel. The scheme will be notified by the end of January 2019.

    In another customer protection initiative, the RBI said that it has issued instructions on limiting customer liability in respect of unauthorised electronic transactions involving banks and credit card issuing non-banking financial companies (NBFCs).