The Reserve Bank of India (RBI) on August 06, 2020 has announced an online dispute resolution (ODR) system for digital payments. The authorities aim to have a vision for increase in the usage of online payments for 2020-21. Thus, there is a need to establish a grievance redressal mechanism for addressing any disputes arising in the process.

Click here for more details: https://www.avantis.co.in/updates/article/10362/rbi-announces-online-dispute-resolution-system-for-digital-payments/ .

The Payment System Operators (PSO’s) shall have grievance redressal mechanism by January 01, 2021 and provide the access of such systems to its participating members. It is applicable to all the PSO’s whether banking or non-banking and shall be applicable to its participating members as well.

Types of Transactions Covered:
• Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems which was covered in the notification issued by the authorities on September 20, 2019 vide no.

Click here for more information on Reserve Bank of India legal Updates - https://www.avantis.co.in/legalupdates/?Regulators=Reserve%20Bank%20of%20India®=RBI&cat=All%20Categories .

Lodging and Tracking of Disputes and Grievances:
• Customers shall be provided with the facility of SMS, calls, web lodging and offline paper lodging under the grievance redressal mechanism.
• Unified Payment Interface (UPI) and Third-Party App providers shall be covered as well.
• The mechanism of lodging complaints shall be simple and shall ask for minimum details.
• A reference number is to be allotted to the consumer once the complaint has been lodged.
[Circular No. DPSS.CO.PD.No. 116/02.12.004/2020-21]
The grievance redressal mechanism shall provide the access to its participants to register the complaints relating to failed transactions and providing appropriate resolution for the same.

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