RBI

Harmonisation of Turn Around Time (TAT) and customer compensation

The Reserve Bank has directed various authorised payment systems to put in place appropriate customer grievance redressal mechanism. Further, for some payment systems the Reserve Bank has issued guidelines prescribing compensation to be paid to customers for delay in resolving failed transactions. It is, however, observed that the time taken for resolving customer complaint varies … Read more

‘Positive Pay’ Mechanism for Cheques introduced by RBI

The Cheque Truncation System (CTS) for clearing cheques is operational pan-India and presently covers 2 per cent and 15 per cent of total retail payments in terms of volume and value respectively; the average value of a cheque cleared in CTS presently is ₹82,000. The CTS-2010 standard specifying minimum-security features on cheque leaves acts as … Read more

Online Dispute Resolution (ODR) System for Digital Payments

As the number of digital transactions rise significantly, there is a concomitant increase in the number of disputes and grievances. Recourse to technology-driven redressal mechanisms that are rule-based, transparent and involve minimum (or no) manual intervention is necessary to deal with them in a timely and effective manner. Accordingly, the Reserve Bank shall require Payment … Read more