RBI to bring in Internal Ombudsman for non-bank Prepaid Payment Instrument (PPI) Issuers

RBI to bring in Internal Ombudsman for non-bank Prepaid Payment Instrument (PPI) Issuers

• The Reserve Bank of India has announced to introduce an internal ombudsman scheme at the large non-bank PPI issuers i.e entities that have more than 10 million pre-paid payment instruments outstanding.

• The internal ombudsman is intended to facilitate a swift and cost-effective complaint redressal mechanism within the entity and provide an additional tier for grievance redressal. 

Points to remember:

1. The internal ombudsman scheme for non-Bank PPI issuers will cover those which have more than _____ pre-paid payment instruments outstanding?- 10 million