16-Sep-2019: RBI has expanded the scope and coverage of Bharat Bill Payment System (BBPS)
BBPS, as an interoperable platform for repetitive bill payments, currently covers bills of five segments viz. Direct to Home (DTH), Electricity, Gas, Telecom and Water.
As announced in the Statement on Developmental and Regulatory Policies released with the Third Bimonthly Monetary Policy Statement 2019-20 of August 07, 2019, it has been decided to expand the scope and coverage of BBPS to include all categories of billers who raise recurring bills (except prepaid recharges) as eligible participants, on a voluntary basis.
This directive is issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
24-Jun-2019: Launch of Complaint Management System by RBI
The “Complaint Management System (CMS)” of RBI was launched by the Governor, RBI. It is a software application to facilitate RBI’s grievance redressal processes. Members of public can access the CMS portal at RBI’s website to lodge their complaints against any of the entities regulated by RBI.
Keeping the convenience of the customers in mind, CMS has been designed to enable on-line filing of complaints. It provides features such as acknowledgement through SMS/Email notification(s), status tracking through unique registration number, receipt of closure advises and filing of Appeals, where applicable. It also solicits voluntary feedback on the customer’s experience.
CMS has self-help material(in video format) to guide the users of the portal; videos on safe banking practices; and on the regulatory initiatives of RBI.
This system facilitates the regulated entities to resolve customer complaints received through CMS by providing seamless access to their Principal Nodal Officers/Nodal Officers. The system provides facilities for generation of a diverse set of reports to monitor and manage grievances by the Regulated Entities. They can use the information from CMS for undertaking root cause analyses and initiating appropriate corrective action, if required.
The CMS also has facilities for RBI officials handling the complaints to track the progress of redressal. The information available in CMS could also be used for regulatory and supervisory interventions, if required. With the launch of CMS, the processing of complaints received in the offices of Banking Ombudsman (BO) and Consumer Education and Protection Cells (CEPCs) of RBI has been digitalized.
14-Nov-2018: IndusInd Bank launches ‘IndusInd Bank Nexxt Credit Card’ - India’s first interactive Credit Card with buttons
IndusInd Bank has launched the IndusInd Bank Nexxt Credit Card - the first interactive Credit Card in India with buttons - which provides customers with the flexibility of three payment options at a Point of Sale (POS) terminal - Credit, Converting Transactions into EMIs with 4 tenure options (6, 12, 18 & 24 months) or using accumulated Reward Points, by simply pushing a button on the card.
This Card has been created in partnership with Dynamics Inc., which is headquartered in Pittsburgh USA, and designs and manufactures intelligent, battery powered payment cards.
It incorporates technology that is revolutionary for a payment card, and provides exceptional consumer functionality as well as value. It indicates a customer’s desired payment choice using LED lights associated with the three options. A customer does not need to fill any paperwork, or call their bank, or log in to any banking channel to convert their POS transactions into EMIs, or to redeem their Rewards Points.