RBI announces online dispute resolution mechanism for digital payments

The Reserve Bank of India on August 6 announced the introduction of an online dispute resolution (ODR) mechanism for digital payments.

In a statement following the Monetary Policy Committee (MPC) meeting, RBI governor Shaktikantadas said: “A scheme of retail payments in offline mode using cards and mobile devices, and a system of an online dispute resolution (ODR) mechanism for digital payments will also be introduced.”

On rural economy, the RBI governor said that MPC noted that the recovery of the rural economy is expected to be robust, buoyed by the progress in kharif sowing.

The manufacturing firms expect domestic demand to recover gradually from Q2 and to sustain through Q1FY22, he said.

On the other hand, Das said that consumer confidence turned more pessimistic in July relative to the preceding round of the Reserve Bank’s survey.

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