In a move that will benefit consumers, the RBI plans to put in place norms for standardised timelines for resolving customer complaints and compensation frameworks across all authorised payments systems.
The new framework for turnaround time (TAT) will be put in place by end of June, the central bank said.
The central bank noted that the time taken for resolving customer complaints varies across different payment systems, even though it has issued directions to put in place appropriate mechanisms and has also prescribed norms for compensating customers for delay in resolving failed transactions.
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“In order to have prompt and efficient customer service in all electronic payment systems, it is necessary to harmonise the TAT of resolution of customer complaints and chargebacks, and to have a compensation framework in place for the benefit of customers,” it said.
The RBI has also decided to extend the coverage of the ombudsman scheme for handling grievances of customers of non-banking financial companies (NBFCs).
By the end of the month, the scheme will be extended to those non-deposit taking NBFCs that have a customer interface and asset size of ₹100 crore.
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The scheme was introduced in February this year, and was initially rolled out for customers of deposit-taking NBFCs registered with the RBI.