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Digital transaction failed? Now you can complain to ombudsman

In its 'Statement on Developmental and Regulatory Policies' issued today, the RBI has announced setting up of ombudsman for digital transactions.

ET Online|
Updated: Dec 05, 2018, 10.01 PM IST
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In its 'Statement on Developmental and Regulatory Policies' issued today, the RBI has announced setting up of ombudsman for digital transactions.
With digital transactions gaining at a rapid pace over the past year, multiple issues such as failed transactions or funds sent to the wrong address have been cropping up as well. This has forced the Reserve Bank of India (RBI) to sit up and take notice of such issues through an ombudsman mechanism.

In its 'Statement on Developmental and Regulatory Policies' issued today, the RBI has announced setting up of ombudsman for digital transactions. "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. 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. The scheme will be notified by the end of January 2019," it said.

As per RBI’s banking ombudsman scheme laid out in 2006, there are various criteria on the basis of which consumers can make complaints to the ombudsman—an RBI official in the rank of chief general manager or general manager. A similar structure will be drawn up for the digital payments ombudsman.

Given the rapid adoption of digital payments across the country, the RBI in its Annual Report for 2017-18 had said it was considering a plan to establish a separate ombudsman to handle consumer complaints related to digital transactions.
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