Reserve Bank of India tells operators to set up 24x7 helpline for digital payments by Sep 2021

The announcement was made via Statement on Development and Regulatory policy issued Friday.

As per the governor’s speech, ''With enhanced penetration and efficiency of digital payments, major payment system operators would be required to facilitate setting-up of a centralised industry-wide 24x7 helpline for addressing customer queries in respect of various digital payment products and give information on available grievance redress mechanisms. Going forward, the facility of redress of customer grievances through the helpline will be considered. This is envisaged to enhance consumer trust and confidence in the digital payments ecosystem.''

The move can be seen as a part of a series of announcements made earlier to strengthen the digital payment services.

As per the statement, “The Payment Systems Vision document of RBI envisages setting up a 24x7 helpline for addressing customer queries in respect of various digital payment products. The helpline will, in addition to building trust and confidence, also reduce expenditure on both financial and human resources, otherwise incurred for addressing queries and grievances.”

As per the statement, the major payment operators are required to set-up the mechanism by September, 2021. Going forward, the facility of registering and resolving the customer complaints through the helpline will be considered, the statement added.

Apart from setting of a 24X7 helpline facility, the statement further states that guidelines will be issued on outsourcing for Operators and Participants of Authorised Payment Systems.