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RBI to Take Measures to Reduce Turnaround Time for Customer Complaints

April 06, 2019

RBI to Take Measures to Reduce Turnaround Time for Customer Complaints
The central bank RBI is working on a turnaround time (TAT) framework that can settle customer disputes in less time. It’s also working on a compensation framework for different payment systems. Both of these will be set up by the end of June 2019, it said.

RBI said that authorized payment systems have been asked to create a proper customer grievance redressal mechanism. Some of them have also been directed to provide appropriate compensation to the customers for failing to resolve failed transactions in time, it said. 

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