The Reserve Bank of India (RBI) governor Shaktikanta Das on March 18 said that banks must focus on resolving customer complaints swiftly.
Every failed transaction, fraud and complaint, which is not satisfactorily addressed should be a cause of concern and must invite a detailed root cause analysis, the governor said.
Das was delivering an inaugural speech at the Payment System Operators (PSO) Conference in Kochi.
“Every failed transaction, every fraud attempted or actually carried out, every complaint that is not satisfactorily addressed should be a cause of concern and must invite a detailed root cause analysis,” the governor said.
His comments came against the backdrop of a rise in customer complaints related to online transactions.
Das further added that payments and settlements are serious businesses with potential downsides, should anything go wrong.
The effort of the central bank is to mitigate such downsides and capitalise on the upsides, said the governor.
He also mentioned some measures taken by the central bank to evolve the payment system in India and to safeguard public money.
On the card payment front, Das said the widespread use of mobile phones, coupled with the availability of internet services, has provided thrust to digital payments.
About 1,050 crore retail digital payment transactions worth Rs 51 lakh crore were processed in January 2023.
He further said the launch of Unified Payments Interface (UPI) in 2016 has revolutionised the payments ecosystem with about 803 crore transactions worth Rs 13 lakh crore processed in January 2023 alone.
The TReDs
Receivables Discounting System (TReDS) platforms have enabled the factoring of MSME receivables in a transparent and competitive manner, thereby improving the liquidity position of MSMEs.
Every month, on average 35,000 Factoring Units (FUs) worth Rs 7,200 crore are discounted or financed in TReDS.
Unified Payment Interface (UPI)
In the Unified Payment Interface (UPI) segment, a lot of overseas linkages happened in the last few months.
For instance, QR code-based merchant payments through UPI apps are already enabled in Bhutan, Singapore and UAE.
Recently, India launched the cross-border linkage between the two nations India and Singapore, using their respective Fast Payment Systems – India’s Unified Payments Interface (UPI) and Singapore’s PayNow.
