24×7 Helpline for Digital Payment Services

The Reserve Bank of India has announced to set up a 24×7 helpline for digital payment services by September 2021. The central bank also announced enabling participation in Cheque Truncation System (CTS) clearing across all bank branches in the country.

Key Points

  • RBI will be setting up a 24×7 helpline for addressing customer queries on various digital payment products.
  • This announcement was made through the Statement on Development and Regulatory policy.
  • This helpline will not only solve all queries of the customers but will also build trust and satisfaction in them.
  • This helpline will also help in reducing the expenditure on human as well as financial resources for solving customer queries and grievances.
  • Also, the central bank is also looking forward to providing a facility for registering and resolving customer complaints through the helpline.
  • Along with the helpline, RBI has also announced to roll out an Integrated Ombudsman Scheme for NBFCs banks, and digital transactions in June 2021.

Monetary Policy Committee Meeting

RBI has kept all the policy rates unchanged in the Monetary Policy Committee Meeting held on February 5. The repo rate is at 4% at present. Reserve Repo rate is at 3.25% and bank rate and marginal standing facility rate is at 4.25%.

Committee on UCBs

The central bank has also announced to form a committee for strengthening the Urban Co-operative Banks (UCBs) and enabling quick resolution/rehabilitation of Urban Co-operative Banks (UCBs). The details of the committee will be notified later.

Current Affairs