RBI Plans 24x7 Helpline for Digital Payment Services

 The Governor of the Reserve Bank of India, Shaktikanta Das, recently announced that the Central Bank will establish a 24 * 7 hotline service platform to strengthen digital payment services in India. 

Highlights:

♦ The announcement was issued through the "Development and Regulatory Policy Statement".

♦ In addition to the past measures to correct user dissatisfaction, RBI also provides many security protections functions.

♦ The announcement will further enhance the digital payment experience of Indian users.

♦ The Reserve Bank of India released the "Payment System Vision" document.

♦ The document emphasizes the need to set up a 24×7 hotline service phone to resolve customer inquiries about digital payment products.

♦ According to the guidelines, major payment system operators must assist in the establishment of a centralized 24×7 service hotline before September 2021 to resolve customer inquiries.

♦ In addition to this hotline, outsourcing guidelines will be issued for operators and participants of authorized payment systems.

♦ In addition, the Reserve Bank of India also announced that it will launch a comprehensive monitor program for banks, NBFC and digital transactions in June 2021. The plan will be launched to simplify the appeal process.