**Summary:**
This notification, issued by the Reserve Bank of India on January 31, 2019, establishes the Ombudsman Scheme for Digital Transactions, 2019. Exercising powers conferred by Section 18 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India mandates that System Participants, as defined within the scheme, comply with its provisions. This initiative aims to create a mechanism for addressing complaints related to deficiencies in services pertaining to digital transactions, deemed necessary in the public interest and for the proper conduct of payment systems. The scheme is effective from January 31, 2019. The reference number for this notification is CEPD. PRS. No. 337013.01.010201819.
Key Entities Referenced
Executive Director Ombudsman Scheme for Digital Transactions, 2019: Title of the policy document being analyzed.
Ombudsman Scheme for Digital Transactions, 2019: The specific scheme established for redressal of complaints related to digital transactions.
Section 18 of the Payment and Settlement Systems Act, 2007: The legal provision under which the powers are exercised to create the ombudsman scheme.
Payment and Settlement Systems Act, 2007: The primary legislation governing payment and settlement systems.
Reserve Bank of India: The central bank of India, which is issuing the notification.
System Participants: Entities defined under the Ombudsman Scheme for Digital Transactions, 2019 that are subject to the scheme's provisions.
Surekha Marandi: Individual associated with the notification (designation not provided).
Executive Director
Ombudsman Scheme for Digital Transactions, 2019
NOTIFICATION
Ref. CEPD. PRS. No. 3370/13.01.010/2018-19 Date: January 31, 2019
In exercise of the powers conferred by Section 18 of the Payment and Settlement
Systems Act, 2007, being satisfied that in the public interest and in the interest of
conduct of business relating to payment systems, it is necessary to provide for a
mechanism of Ombudsman for redressal of complaints against deficiency in services
related to digital transactions, the Reserve Bank of India hereby directs that, the
System Participants defined under the Ombudsman Scheme for Digital Transactions,
2019 shall come within the ambit, and should comply with the provisions of the
Ombudsman Scheme for Digital Transactions, 2019.
2. The Scheme shall come into force from January 31, 2019.
(Surekha Marandi)