Friday, February 1, 2019

Ombudsman Scheme for Digital Transactions Launched by RBI

Ombudsman Scheme for Digital Transactions Launched by RBI

RBI Launched Ombudsman Scheme for Digital Transactions, 2019 which will be effective from 31st January 2019.The Ombudsman scheme is introduced to facilitate the satisfaction or settlement of complaints regarding digital transactions undertaken by customers of system participants as defined under the scheme.

In this Article We Will Understand Ombudsman Scheme for Digital Transactions Launched by RBI in Detail for Upcoming Bank, Insurance and Other Competitive Exam Such as IBPS PO, SBI PO, RBI Grade B and Other Bank PO & Clerk Exam.

Important Points of Ombudsman Scheme for Digital Transactions, 2019

I. RBI has launched an ombudsman scheme to tackle frauds associated with digital transactions.

II. Ombudsman Scheme for Digital Transactions, 2019 will be effective from 31st January 2019.

III. The offices of Ombudsman for Digital Transactions (ODT) will function from the existing 21 offices of the Banking Ombudsman, and will handle complaints of customers from their respective territorial jurisdiction.

IV. The scheme is introduced to facilitate the satisfaction or settlement of complaints regarding digital transactions undertaken by customers of system participants as defined under the scheme

V. The scheme, launched under Section 18 of the Payment and Settlement Systems Act, 2007, will provide a cost-free and expeditious complaint redressal mechanism related to deficiency in customer services in digital transactions conducted through non-banking entities regulated by the RBI

VI.Complaints related to digital transactions, conducted through banks, will continue to be handled under the Banking Ombudsman Scheme

VII. The RBI may appoint one or more of its officers in the rank of Chief General Manager or General Manager to be known as Ombudsman for Digital Transactions, under the scheme, for a period not exceeding three years at a time

VIII. The scheme provides for an appellate mechanism, under which the complainant, or system participant, has the option to appeal against the decision of the ombudsman before the appellate authority.


Some of the instances where the user can approach the Ombudsman are:
  • Failure to load funds within reasonable time in wallets / cards
  • Failure to refund within reasonable time /refusal to refund in case of unsuccessful / returned / rejected / cancelled/ transactions
  • Failure to effect online payment / fund transfer within reasonable time
  • Failure to reverse the amount debited from customer account in cases of failed payment transactions within prescribed time line
  • Failure in crediting funds to the beneficiaries’ account
  • Failure to return within reasonable time the payment to the originating member in case of failure to credit the funds to the beneficiary’s account.
Some Important Terms and Their Definition :-

Digital Transaction“Digital Transaction’ is defined as a payment transaction in a seamless system effected without the need for cash at least in one of the two legs, if not in both. This includes transactions made through digital / electronic modes wherein both the originator and the beneficiary use digital / electronic medium to send or receive money.”

System Participant - ‘System Participant’ means any person other than a bank participating in a payment system as defined under Section 2 of the Payment and Settlement Systems Act, 2007 excluding a ‘System Provider'

System Provider - ‘System Provider’ means and includes a person who operates an authorized payment system as defined under Section 2 of the Payment and Settlement Systems Act, 2007.

Complaint - ‘Complaint’ means any representation in writing or through electronic means containing grievance/s alleging deficiency in service by the System Participants as mentioned in Clause 8 of the Scheme.

Appellate Authority - ‘Appellate Authority’ means the Deputy Governor in charge of the Department of the Reserve Bank implementing the Scheme.

Authorized Representative ‘Authorized Representative’ means a person (other than an advocate) duly appointed and authorized by a complainant to act on his / her behalf and represent him / her in the proceedings under the Scheme before the Ombudsman as well as Appellate Authority for consideration of his / her complaint.

Download (Click Here) Ombudsman Scheme for Digital Transactions PDF 




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