“Har Payment Digital” initiative is aimed at bolstering our payment systems and addressing the existing vulnerabilities, paving the way for a more secure and resilient financial ecosystem: Shri Ramesh Kumar Moolchandani, Chief General Manager & RBI Ombudsman, Reserve Bank of India, New Delhi

22nd June, 2023

New Delhi

“Har Payment Digital” initiative is aimed at bolstering our payment systems and addressing the existing vulnerabilities, paving the way for a more secure and resilient financial ecosystem: Shri Ramesh Kumar Moolchandani, Chief General Manager & RBI Ombudsman, Reserve Bank of India, New Delhi

During the Town hall Programme on Financial Frauds & Introduction to Reserve Bank Integrated Ombudsman Scheme 2021 (RB-IOS 2021) organized by  Banking, Financial Services and Insurance (BFSI)  Committee of PHD Chamber in collaboration with Ombudsman’s Office, Reserve Bank of India, New Delhi on Wednesday, 21^st June 2023 at PHD House, New Delhi,  Shri Ramesh Kumar Moolchandani, Chief General Manager & RBI Ombudsman, Reserve Bank of India, New Delhi said that “Har Payment Digital” initiative is aimed at bolstering our payment systems and addressing the existing vulnerabilities, paving the way for a more secure and resilient financial ecosystem.

Shri Moolchandani shared his insights on the importance of tackling financial frauds. He stated, in the year 2022–23, there were 11,400 crore digital transactions, which means 30-35 crores per day. We can be reasonably proud of the success of our country, but certain vulnerabilities and frauds are still taking place in regional payments, and it is a matter of concern.

He highlighted the “Har Payment Digital” initiative and the on-going efforts taken to enhance digital payments and combat fraud.

Shri Brijlal Singh, Deputy General Manager & Dy. Ombudsman, Reserve Bank of India, New Delhi, delivered a comprehensive presentation highlighting the various types of financial frauds, their impact on individuals and businesses, and the preventive measures that can be adopted to mitigate such risks.

Speaking further, he said, one of the major reasons for financial fraud is the ignorance, fear and the greed of customers. He also informed that,  to prevent high-value cheque frauds, RBI has launched an electronic authentication system called Positive Pay.

Shri Amitabh Pande, Assistant General Manager, Reserve Bank of India, New Delhi, in his presentation provided a detailed overview of the RB-IOS 2021 scheme. He informed, the scheme aimed to provide a centralized platform for individuals and businesses to address their grievances related to financial services in a fair and efficient manner.

He added, the complainant may approach the Ombudsman if the complaint is not resolved within 30 days or the complainant is not satisfied with the resolution provided by Regulated Entities, even if this is before 30 days.

Shri Sanjeev Gupta, Co-Chair, BFSI Committee, PHDCCI stated that the Indian banking sector is at the forefront of the banking sectors across the globe and we have been looked upon as the harbinger of the banking reforms for delivering to the globe at large. On behalf of PHD Chamber, he congratulated Shri Shaktikanta Das, Governor, Reserve Bank of India on being conferred the “Governor of the Year” for 2023 at the Central Banking Awards in London.

Shri Ashish Agrawal, Co-Chair, BFSI Committee, PHDCCI gave the opening remarks, highlighting the importance of the program in spreading awareness on financial frauds.

Shri Saurabh Sanyal, CEO & Secretary General, PHDCCI gave concluding remarks & formal vote of thanks for the program.