The Reserve Bank of India introduces Ombudsman Scheme for Digital Transactions

Jan 31, 2019 | by Avantis RegTech Legal Research Team

The Reserve Bank of India (RBI) on January 31, 2019, introduces Ombudsman Scheme for Digital Transactions (OSDT) in the Monetary Policy Statement of December 05, 2018. It aims for a cost free and expeditious redressal of complaints against System Participants relating to deficiency in customer services in digital transactions conducted through non-bank entities regulated by RBI.

Complaints relating to digital transactions conducted through banks will continue to be handled under the Banking Ombudsman Scheme. There are total 21 offices of the Banking Ombudsman and each office will handle complaints of customers from their respective territorial jurisdiction.

It also provides an Appellate mechanism where the complainant or System Participant has an option to appeal against the decision of the Ombudsman before the Appellate Authority.

The complete Scheme is available on RBI's website

[Press Release: 2018-2019/1802]



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