RBI News : The Reserve Bank of India (RBI) on Friday said that all remaining 18,000 branches, which are not under the centralized clearing system ‘Check Truncation System’ (CTS), to make the payment and settlement system more better, faster and accurate. They will be brought under the CTS by September. This is a paper lace system. Where there is no paper work.
Paperless non-physical verification is done for payments and deposits under CTS. CTS has been in use since 2010 and has around 1,50,000 bank branches. RBI said in a statement that since 18,000 bank branches are still outside the formal clearing system.
To increase operational efficiency and provide better services to customers, it is proposed to bring them under the CTS by September. The central bank also said that it would set up a continuously running helpline for digital payment services against fraud and trickery.
RBI said that to make the alternative dispute resolution mechanism simple and more sensitive to customers, it has been decided to adopt the vision of ‘One Nation One Lokpal’ by combining the three Lokpal schemes. The integrated Lokpal scheme will be launched in June.
RBI also said that it will soon issue outsourcing guidelines for operators and participants of authorized payment systems. The central bank also said that under better consumer protection measures, it will integrate three ombudsman schemes – Banking Ombudsman Scheme, Ombudsman Scheme for NBFCs and Ombudsman Scheme for Digital Transactions.
