What changed
RBI introduced a new quarterly reporting requirement for all entities authorized to issue prepaid payment instruments. They must now submit data on customer grievances received and resolved using specific Excel formats. The deadline for submission is the 10th of the month following the end of each quarter.
What it means for you
This directive increases regulatory oversight on customer grievance handling for prepaid instrument issuers. Banks and non-bank entities must now systematically track and report grievance metrics, ensuring timely resolution and compliance. Non-adherence could invite scrutiny under the Payment and Settlement Systems Act, 2007.
What you must do
- Set up a quarterly process to collect and compile customer grievance data in the prescribed Excel format.
- Ensure the data reaches RBI via email before the 10th of the month following each quarter.
- Verify strict adherence to the format provided in the circular to avoid rejection or non-compliance.
- Train relevant teams on the new reporting requirement and update internal compliance calendars.
Who it affects
All entities authorized to issue prepaid payment instruments in India, Compliance and customer service teams of banks and non-bank prepaid issuers, RBI's Department of Payment and Settlement Systems
What is the deadline for submitting the quarterly grievance data?
The data must reach RBI before the 10th of the month following the end of each quarter.
What happens if we do not follow the prescribed format?
The circular emphasizes strict adherence to the format; deviations may lead to rejection or non-compliance issues.
Which legal provisions back this directive?
It is issued under Section 6 of the Payment and Settlement Systems Regulations, 2008 read with Section 12 of the Payment and Settlement Systems Act, 2007.