Dispute Resolution Mechanism under the Payment and Settlement Systems Act, 2007
As the numbers of transactions in the Payment Systems are on the increase, it is but natural that the complaints too should rise.
A number of complaints found their way to Reserve Bank of India , DPSS for an amicable solution.
To bring in Uniformity and transparency amongst the Dispute Settlements, RBI DPSS has issued detailed guidelines.
The same can be accessed @
QUOTE
01) Scope of the Dispute Resolution Mechanism will generally be limited to interpretation, scrutiny and resolution of disputes within the ambit of rules, regulations, operational and procedural guidelines relating to the payment products, various instructions issued by the system providers, instructions and directions issued by RBI, etc., from time to time.
02) Use of the mechanism will not be resorted
a) to deal with aspects relating to acts of system participants (or providers) that are prima-facie fraudulent or
b) are internal to their operations or
c) outside the payment and settlement system infrastructure.
03) The Dispute Resolution Mechanism will also not cover disputes
a) between system participants and their customers (ultimate users),
b) between members of the payment systems and their sub-members
c) or between sub-members themselves.
UNQUOTE
The highlights of this Notification are:-
The various products under the Payments and Settlement Systems are divided into 3 broad areas viz:-
a) Clearing House-related activities, including paper (cheques) and retail electronic (ECS) payment products
b) Products those are national in character viz. National Electronic Clearing Service (NECS), National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) system
c) All other payment systems (other than those operated by RBI) like CCIL, NPCI, ATM networks, cross border money transfers, cards, etc.
The PRD (Panel for Resolution of Disputes) should dispose of the dispute, within 15 working days of receiving the same.
Likewise, the Appellate authority too has to dispose of the Appeals, within 15 working days.
The Dispute Resolution mechanism should lead to greater understanding of the functioning of the Payments and Settlements Act 2007, amongst all the state-holders. As more and more Disputes are resolved, the efficiency of the Payments System will increase. This will attract new customers and new transactions, into the Payment Systems ambit.
No comments:
Post a Comment