Liability Framework Current Affairs - 2019
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Reserve Bank of India (RBI) has announced to introduce ‘Ombudsman Scheme for Digital Transactions’ to provide cost-free mechanism to redress grievances of customers related to digital transactions. The scheme will be notified by end of January 2019. It will cover services provided by entities falling under RBI’s regulatory jurisdiction. The scheme is being implemented taking into consideration rise in digital mode for financial transactions which is gaining traction in the country. There is emerging need for dedicated, cost-free and expeditious grievance redressal mechanism for strengthening consumer confidence in this channel.
Framework for limiting customer liability
RBI has also decided to come out with framework for limiting customer liability in respect of unauthorised electronic payment transactions involving prepaid payment instruments (PPI). It already has issued instructions on limiting customer liability in respect of unauthorised electronic transactions involving banks and credit card issuing non-banking financial companies (NBFCs). This framework will bring all customers up to same level with regard to electronic transactions made by them and extend benefit of limiting customer liability for unauthorised electronic transactions involving PPIs issued by other entities not covered by extant guidelines. The guidelines will be issued by end of December 2018.