A lot of people prefer online payments, as they are easy and hassle-free. Online payments are mostly used for transferring funds from one bank account to another, shopping online, booking tickets, paying utility bills and much more.
We all know that online payments are very easy and comfortable, but there are certain times where transactions fail and the amount gets debited from the sender’s bank account. This normally happens with most users, due to technical issues. In such a situation, the amount gets credited back to the users account by the bank, within 2 to 3 working days.
The problem is, to know if the amount has been credited, users have to check account statements as banks normally don't notify users on the refund. If the amount has not been refunded, even after waiting for many days, you can contact the customer care of the bank and file a complaint.
As many bank customers are facing problems regarding failed online transactions, the Reserve Bank of India has come up with something to make grievance redressal better in case of such incidents.
The RBI has advised various authorized payment systems to set up proper customer grievance redressal mechanisms. The authorized payment system operators consist of pre-paid payment instruments or PPIs, card schemes, cross-border in-bound money transfers, Automated Teller Machine (ATM) networks and centralized clearing arrangements.
For some payment systems, RBI has issued guidelines prescribing compensation to be paid to customers for a delay in resolving failed transactions.
As per RBI observations, the time taken for resolving consumer complaints varies from one payment system to another. With the intention of having an effective and prompt customer service across the electronic payment systems, the central bank has felt that it is essential to harmonize the Turn around Time (TAT) of resolution of customer complaints and chargebacks and to have a compensation framework in place for the benefit of customers.
The Reserve Bank has proposed to set up a framework on the Turn Around Time (TAT), for resolution of customer complaints and compensation framework across all authorized payment systems by the end of June 2019. This is going to benefit all the retail users of various payment systems like e-wallets, UPI and all authorized prepaid instruments. In recent times, many mobile wallet users have been facing problems regarding failed transactions, non-receiving of cash back offers and so on.
To promote digital payments and also to strengthen customer confidence in digital payments, the Reserve Bank of India has introduced an Ombudsman Scheme for Digital Transactions, 2019. It is a mechanism set up for resolving complaints regarding digital transactions undertaken by customers of the System Participants.
1. You can file a complaint with the Ombudsman, by writing on a plain paper and sending it to the concerned office of the Ombudsman by post, fax or hand delivery.
2. The complaint can also be filed by sending emails to the Ombudsman.
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