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RBI directs the likes of Paytm and PhonePe to have an internal ombudsman

Monday, October 14, 2019, 12:05 PM

RBI directs the likes of Paytm and PhonePe to have an internal ombudsman

The Reserve Bank of India (RBI) has directed large pre-paid instrument (PPI) issuers to set up an internal ombudsman mechanism to address customers' grievances. The banking regulator issued this diktat while announcing the monetary policy on October 4. A pre-payment issuer is typically a mobile wallet. Some of the popular and large PPI issuers are Paytm, Mobikwik, Zeta India, PayU, PhonePe and Amazon Pay. These large PPI issuers have been witnessing an enormous growth in their customer base and transaction scale, given the impetus around the digital agenda of the Government. The increased scale has led to a steady increase in customer complaints – a proportion of which is also related to fraud and misconduct. The internal ombudsman mechanism is imperative to ensure customer grievances are resolved in the most effective manner and within a defined timeframe.

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Online Transaction Failed? Here is what RBI is Planning to Introduce

Wednesday, April 10, 2019, 6:56 PM

Online Transaction Failed? Here is what RBI is Planning to Introduce

Online Transaction Failed? Here is what RBI is Planning to Introduce A lot of people prefer onlin ...

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How To File A Complaint With NBFC Ombudsman?

Thursday, December 13, 2018, 7:03 PM

How To File A Complaint With NBFC Ombudsman?

Just like the banking and insurance ombudsman, there is also an ombudsman for non-banking financial companies (NBFCs). NBFC ombudsman scheme was set u ...

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Failed Digital Transaction? File Your Complaints With Ombudsman

Thursday, December 6, 2018, 6:52 PM

Failed Digital Transaction? File Your Complaints With Ombudsman

Failed Digital Transaction? File Your Complaints With Ombudsman Digital payments are gaining popu ...

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Income Tax Refund Delayed? File a complaint with Tax Ombudsman

Monday, October 8, 2018, 6:44 PM

Income Tax Refund Delayed? File a complaint with Tax Ombudsman

Taxpayers always have a lot of complaints against the income tax department and one of the common pr ...

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