The Reserve Bank of India has launched Ombudsman Scheme for Digital Transactions (OSDT). It is a platform to report grievances & complaints about digital transactions & payments directly to the RBI.
RBI is a banking regulator in India & already has banking grievances / complaints redressal platform for customers. The new OSDT framework will help customers of mobile wallets to report issues & resolve them with the help of RBI.
The Ombudsman Scheme for Digital Transactions (OSDT) was first announced by RBI in December 2018. In the announcement RBI has mentioned that they will be launching a separate Ombudsman for digital payments.
Digital payments & transactions are very popular in the country. People are using digital payments more often now. All those who used to mostly cash transactions are now switching digital mode of payments. Many banks & companies have launched their mobile wallets to facilitate digital payments. Given the increased importance of digital payments an independent complaints redressal system is required & hence RBI has launched OSDT.
|Scheme:||Ombudsman Scheme for Digital Transactions (OSDT)|
|Launched By:||Reserve Bank of India (RBI)|
|What is OSDT?||Complaints redresal system by RBI for digital payments (non banking UPI based payments)|
|Launch Date:||January 2019|
21 existing offices of RBI`s Banking Ombudsman will be used for Digital Transactions Ombudsman. It will be dedicate cost-free & expeditious grievance redressal mechanism. It will increase consumer confidence in the digital payments.