• Ishaan kakkar

RBI to set up a 24×7 Digital Payments Helpline and issue guidelines on payments outsourcing

From September 2021 onward, the RBI and payment companies will operate a 24×7 digital payments helpline service to address customer queries. The central bank will issue guidelines on outsourcing of payments services to bring standardisation to the practice within the payments industry.

The move comes after the central bank has been paying particular attention to consumer awareness, frauds and grievances. As more financial transactions take place online, the banking regulator is beefing up its supervisory efforts to build trust and confidence among users. The RBI has also introduced a digital payments index to track adoption, in addition to stepping up consumer awareness efforts via social media.

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