P&H High Court: Even if Convict Hasn’t Surrendered, Plea for Suspension of Sentence is Maintainable  ||  Del HC: Wife's Right to Reside in Shared Household Doesn’t Violate Husband’s Right to Seek Partition  ||  Bombay High Court: Flat Owners Cannot Modify Maintenance Charges  ||  Kerala High Court: Procedural Irregularity in Matter of Seizure of Contraband is Not an Offence  ||  Gujarat High Court: State Authorities Must Continue Efforts in Curbing Nuisance of Traffic Violators  ||  SC: Permitting Hand-Pulled Rickshaws is against Basic Concept of Human Dignity  ||  SC: Fact that Criminal Proceedings Can be Instituted in Respect of Dispute Doesn’t Bar Arbitration  ||  SC: Political Parties Must Fight Political Battles before the Electorate  ||  SC Sets Aside Rajasthan High Court’s Order Suspending Sentence of Accused  ||  SC Upholds Conviction of Father who Repeatedly Raped Daughter    

Online Dispute Resolution (ODR) System for Digital Payments- (Reserve Bank of India) (06 Aug 2020)

MANU/RMIC/0109/2020

Banking

1. This is with reference to the Statement on Developmental and Regulatory Policies dated August 6, 2020 wherein the Reserve Bank of India (RBI) had announced introduction of Online Dispute Resolution (ODR) system for resolving customer disputes and grievances pertaining to digital payments, using a system-driven and rule-based mechanism with zero or minimal manual intervention.

2. The Payment System Vision-2021 of Reserve Bank highlights the need for technology-driven, rule-based, customer-friendly and transparent dispute redressal systems. As a step in this direction, authorised Payment System Operators (PSOs) - banks and non-banks - and their participants are hereby advised to put in place system/s for ODR for resolving disputes and grievances of customers.

3. To begin with, authorised PSOs shall be required to implement an ODR system for disputes and grievances related to failed transactions in their respective payment systems by January 1, 2021. The PSOs shall provide access to such a system to its participating members i.e., Payment System Participants (PSPs). Any entity setting up a payment system in India thereafter or participating therein, shall make available the ODR system at the commencement of its operations. The minimum requirements of the ODR system are specified in Annex.

4. Based on experience gained, ODR arrangement would later be extended to cover disputes and grievances other than those related to failed transactions. Please note that if the grievance remains unresolved up to one month, the customer may approach the respective ombudsman.

5. This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

Tags : ODR   DIGITAL PAYMENTS   INTRODUCTION  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved