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(Photo Source: Inc42.com) <ul><li>India’s central bank plans to implement an <keyword id="4839943" type="PERSON" weightage="20" keywordseo="Ombudsman-Scheme">ombudsman scheme</keyword> to address complaints related to digital payments. </li><li>All payment services provided by entities that are currently regulated by the Reserve Bank of India will be included. </li><li><keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> has also issued instructions for limiting the liability of consumers in case of unauthorised e-transactions involving debit and credit cards issuing non-banking financial companies. </li></ul>India has witnessed a dramatic increase in the use of e-wallets and digital payments transactions over the past year. Nothing is more worrisome than getting a pop-up, “Your payment failed” soon after you have transferred money digitally. Moreover, not having a complaint system adds even more worry. It is quite common for Indian users to witness payment failures. To address this, the Reserve Bank of India will appoint an ‘ombudsman’ to specifically address all the complaints related to digital payments for prepaid instruments. Its existing banking ombudsman <a href="https://m.rbi.org.in/Scripts/FAQView.aspx?Id=24">allows</a> consumers to seek the help of a senior official appointed by the bank to address banking-related complaints. The bank has said it will soon implement a “cost-free, speedy and dedicate” ombudsman scheme to address all the consumer complaints against multiple issues faced while doing digital transactions in India. Additionally, it is also planning to limit customer liability in case of unauthorised electronic transactions involving banks and credit card issuing non-banking financial companies (NBFCs). Once notified, the scheme will cover all the services provided by entities registered under the Reserve Bank’s regulatory jurisdiction. — With IANS inputs

India will soon have an ‘ombudsman’ to address consumer complaints about digital payments

Last month, India’s biggest lender <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) had announced several revisions that it would implement in its charges on different services. The new charges will be put into practice from today, June 1. Here’s the list of revised charges that SBI customers would have to shell out for almost every transaction. ATM charges Customers who use mobile wallet <keyword id="3458691" type="UNKNOWN" weightage="100" keywordseo="state-bank-buddy">State Bank Buddy</keyword> will have to pay Rs 25 per transaction for cash withdrawal through ATM. For basic savings banks deposit account holders, the service charges applicable will be Rs 50 plus service tax per transaction after first four withdrawals per month; Rs 20 plus service tax at other bank ATMs; and Rs 10 plus service tax for SBI ATMs. Normal savings bank account holders will continue to get eight free ATM transactions in metro cities and 10 free transactions in non-metro cities. Exchange of bad currency notes To exchange soiled/imperfect notes, up to 20 pieces and value of Rs 5,000 will be free of cost. However, more than 20 pieces will invite Rs 2 per piece plus service tax. In case the value of such notes goes above Rs 5,000, Rs 2 per piece or Rs 5 per 1,000 plus service tax, whichever is higher, will be charged. Cheque book charges In case a user wants a 10-leaf cheque book, he will be charged Rs 30 plus service tax. Similarly, a 25-leaf book would cost Rs 75 plus service tax and a 50-leaf book would be charged at Rs 150 plus service tax. Deposits and withdrawals through banking correspondents In case a user deposits cash of up to Rs 10,000 through banking correspondent, (s)he will be charged at 0.25% of the value with a minimum of Rs 2 and maximum of Rs 8 plus service tax. However, cash withdrawal of up to Rs 2,000 through banking correspondent will be charged at 2.50% of the transaction value (minimum of Rs 6) plus service tax. Online transfer Charges for IMPS fund transfer through internet banking/UPI/IUSSD will be Rs 5 plus service tax for transfer of up to Rs 1 lakh; Rs 15 plus service tax for above Rs 1 lakh and up to Rs 2 lakh; and Rs 25 plus service tax for above Rs 2 lakh and up to Rs 5 lakh.

SBI to introduce new service charges from today

Incorporated in 1955, <keyword id="6354731" type="General" weightage="20" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> has been offering community service banking in India. One of the largest public sector banks in India, SBI is headquartered in Mumbai with its branches proliferated in nooks and corners of the country. Statistics show that <a href="https://www.capitalmarket.com/Company-Information/Information/About-Company/State-Bank-of-India/1375">SBI is the largest</a> state-owned banking and financial services company in the nation with more than 16,000 branches. SBI offers a portfolio of services and provides the most convenient tools, features and facilities for banking to its customers. Forbes magazine has identified SBI as the 10th most reputed company in the world. If you have a Bank Account with SBI (State Bank of India), you can check your account balance in quite a many ways including by dialing the toll-free number, SMS Banking, SBI Quick, Net Banking, Mobile Banking, and by visiting the ATM. <cmsannotation type="cmsannotation" annotationid="SBI Balance enquiry on the Toll-free Number" comment="subhead" text="SBI Balance enquiry on the Toll-free Number">SBI Balance enquiry on the Toll-free Number</cmsannotation> If you are an SBI customer, you can check your account balance through SMS banking services offered by the bank. Through this service, you can get your account balance details or a mini-statement. All that you have to do is to give a missed call or send an SMS from your registered mobile number to the SBI Balance enquiry number (toll free). Within a few seconds, you will get the balance details on your phone. Send SMS “BAL” to 09223766666 You can get your up-to-date SBI account balance information by sending an SMS “BAL” to the number 09223766666 from your registered mobile number. To get a mini statement, you can SMS “MSTMT” to 09223866666. The mini statement you get will have the full details of the last few transactions that happened on your account. <cmsannotation type="cmsannotation" annotationid="Check A/c balance by SBI Net Banking" comment="subhead" text="Check A/c balance by SBI Net Banking">Check A/c balance by SBI Net Banking</cmsannotation> SBI Account holders who have registered for net banking can use this service to check balance. In this process, you need to use your login id and password to log into your net banking account. Through this avenue, you can do balance enquiry, carryout funds transfer, or apply for personal loans, home loans or mortgage loans. SBI SMS Service You can register your mobile number to receive account balance via SMS. To register for this SBI SMS Service facility, follow the steps below. From the mobile number registered with SBI, SMS “REG&lt;space&gt;Account Number” to 09223488888. SBI will send you a message confirming the registration. Once this is done, you can use this service for several purposes including checking SBI account balance, get a mini statement, request for cheque book, get an e-statement, or get an education loan interest certificate or home loan interest certificate. <cmsannotation type="cmsannotation" annotationid="Balance check via mobile apps" comment="subhead" text="Balance check via mobile apps">Balance check via mobile apps</cmsannotation> SBI offers a number of mobile banking apps for the convenience of its customers. Some of the apps of SBI you can download and use on your mobile phone are SBI Anywhere, SBI Quick, SBI Online, and SBI Anywhere Saral (SBI mPassbook). Install any one of these apps on your mobile phone and follow the user friendly instructions for setting up. These apps make banking functions a pleasure and highly convenient experience for SBI customers. <cmsannotation type="cmsannotation" annotationid="Check balance account by SBI ATM Card" comment="subhead" text="Check balance account by SBI ATM Card">Check balance account by SBI ATM Card</cmsannotation> If you are an SBI customer, you can check account balance information at the ATM using the debit card issued by the bank. To know your account balance in this method, visit the SBI ATM and follow the steps below. Swipe your SBI debit card at the ATM When prompted, input the 4-digit ATM PIN Select the option “Balance Enquiry” Complete the transaction Using this method, you can also get the details of last 10 transactions by choosing the option “Mini Statement”. This command will get you the details of the last 10 transactions on your account in printed format. You can use this method to check your balance on the third party non-SBI ATM services also. There is a downside to using the ATM to check your account balance. SBI customers have a limited number of free ATM transactions per month. Once this number is exceeded, any additional transactions at the ATMs will invite a fee. So, it is advisable that you use other methods for balance check.

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India will soon have an ‘ombudsman’ to address consumer complaints about digital payments

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