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RBI to set up a 24×7 digital payments helpline and issue guidelines on payments outsourcing

From September 2021 onward, the Reserve Bank of India (RBI) and payment companies will operate a 24x7 digital payments helpline service to address customer queries. The central bank also said that it will issue guidelines on outsourcing of payments services to bring standardisation to the practice within the payments industry. With the pandemic inducing banking customers to adopt digital payments, lending and other fintech apps, in the past few months 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 with the help of technology and recently constituted an expert group on digital lending or fintech lending. The RBI has also introduced a digital payments index to track adoption, and will soon issue guidelines on digital payment security controls, in addition to stepping up consumer awareness efforts via social media. Digital payments helpline "With enhanced penetration and efficiency of digital payments, major payment system operators would be required to facilitate setting-up of a centralised industry-wide 24x7 helpline for addressing customer queries in respect of various digital payment products and give information on available grievance redress mechanisms. Going forward, the facility of redress of customer grievances through the helpline shall be considered. This is envisaged to enhance consumer trust and confidence in the digital payments ecosystem," RBI Governor Shaktikanta Das said on Friday, as part of the Monetary Policy Committee's announcements. The RBI hopes this initiative will build trust and confidence…

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