SC: Arrest & Remand Illegal if Grounds Not Given in Language Arrestee Understands  ||  SC: Judgment for Deceased Party is Null if Legal Heir was not Brought on Record Before Hearing  ||  SC: Hiding a Candidate’s Conviction Voids Election, Regardless of Whether it Influenced Results  ||  Delhi HC: Not Here to Monitor Delhi University, but Students Must Follow Law During Elections  ||  J&K&L HC: Paying Tax or GST Registration Doesn’t Legalize Unlicensed Business Activities  ||  Delhi HC: Victim’s Past or Character Cannot be Used to Suggest Consent in Assault Cases  ||  P&H HC: Constitution isn’t Privilege Charter; Reservation in Promotions Requires Statutory Amendment  ||  Kerala HC: Law Must be Amended to Hold Landowners Liable for Illegal Paddy Land Reclamation  ||  Bombay HC: Parents Saying Daughter was Unhappy, Wept Often not Enough to Convict under 498A IPC  ||  Kerala HC: Physiotherapists and Occupational Therapists Cannot Use “Dr.” Without Medical Degree    

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