Home Circulars & Notifications RBI Announces Online Dispute Resolution Mechanism For Digital Payments

RBI Announces Online Dispute Resolution Mechanism For Digital Payments

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The Reserve Bank of India on Thursday announced the introduction of an online dispute resolution (ODR) mechanism for digital payments.

In a statement following the Monetary Policy Committee (MPC) meeting, RBI Governor, Shaktikantadas said, “A scheme of retail payments in offline mode using cards and mobile devices, and a system of on online dispute resolution (ODR) mechanism for digital payments will also be introduced.”

RBI has advised the authorised Payment System Operators (PSOs) – banks and non-banks – and their participants to put in place system/s for Online Dispute Resolution (ODR) for resolving disputes and grievances of customers.

The 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. If the grievance remains unresolved up to one month, the customer may approach the respective ombudsman.

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