RBI Plans 24×7 Helpline for Digital Payment Services

06 February 2021 Current Affairs:

The Governor of the Reserve Bank of India, Shaktikanta Das, recently announced that the Central Bank will establish a 24 * 7 hotline service platform to strengthen digital payment services in India. 

Highlights:
♦ The announcement was issued through the “Development and Regulatory Policy Statement”.
♦ In addition to the past measures to correct user dissatisfaction, RBI also provides many security protections functions.
♦ The announcement will further enhance the digital payment experience of Indian users.
♦ The Reserve Bank of India released the “Payment System Vision” document.
♦ The document emphasizes the need to set up a 24×7 hotline service phone to resolve customer inquiries about digital payment products.
♦ According to the guidelines, major payment system operators must assist in the establishment of a centralized 24×7 service hotline before September 2021 to resolve customer inquiries.
♦ In addition to this hotline, outsourcing guidelines will be issued for operators and participants of authorized payment systems.
♦ In addition, the Reserve Bank of India also announced that it will launch a comprehensive monitor program for banks, NBFC and digital transactions in June 2021. The plan will be launched to simplify the appeal process.

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