PAYMENT AND SETTLEMENT SYSTEMS

Payment and settlement systems play an important role in improving overall economic efficiency. They consist of all the diverse arrangements that we use to systematically transfer money-currency, paper instruments such as cheques, and various electronic channels.

Notifications

(107 kb)
Date : Jan 31, 2019
Ombudsman Scheme for Digital Transactions, 2019

Executive Director

Ombudsman Scheme for Digital Transactions, 2019

NOTIFICATION

Ref. CEPD. PRS. No. 3370/13.01.010/2018-19

Date: January 31, 2019

In exercise of the powers conferred by Section 18 of the Payment and Settlement Systems Act, 2007, being satisfied that in the public interest and in the interest of conduct of business relating to payment systems, it is necessary to provide for a mechanism of Ombudsman for redressal of complaints against deficiency in services related to digital transactions, the Reserve Bank of India hereby directs that, the System Participants defined under the Ombudsman Scheme for Digital Transactions, 2019 shall come within the ambit, and should comply with the provisions of the Ombudsman Scheme for Digital Transactions, 2019.

2. The Scheme shall come into force from January 31, 2019.

(Surekha Marandi)

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