RBI's steps to directly benefit customers and make digital payments safer

Regulation of payment gateways will lead to tighter control of frauds, while setting up of ombudsman will mean faster resolution of consumer complaints

The Reserve Bank of India (RBI) has in recent months taken steps to make the digital payments space safer for users. It has also put in place a grievance redress mechanism to deal with complaints. 

While it will take time to see the impact of these measures, some, such as the introduction of an ombudsman and tokenisation of transactions, come with direct benefits for customers. “In the past few months, we have witnessed the introduction of several regulatory policies by the RBI for the fintech industry. Beginning with the RBI’s decision on data localisation to ensuring data security of user information,