RBI to ensure strict turnaround time for customer plaints

The Reserve Bank Thursday proposed to put in place a turnaround time (TAT) framework to resolving customer complaints without much delays, by the end of June. The central bank will also come out with a compensation framework across authorised payment systems by June 2019. The central bank said it has directed authorised payment systems to put in place an appropriate customer grievance redressal mechanism.

For some payment systems, RBI has issued guidelines prescribing compensation to be paid to customers for delay in resolving failed transactions. It is, however, observed that the time taken for resolving customer complaint varies across payment systems.

"To have prompt and efficient customer service in all the electronic payment systems, it is necessary to harmonise the TAT of resolution of customer complaints and charge-backs, and to have a compensation framework in place for the benefit of customers," RBI said.

The central bank will also come out with a report on benchmarking the payments systems by the end of May.

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"Benchmarking payments systems is necessary to gauge our progress against payment systems and instruments in major countries and give further impetus to the planned efforts for deepening the digitisation of payments," the RBI said.