RBI requests that fintech companies disclose complaint data.

Reserve Bank of India has asked fintechs and payment providers to freely disclose information on their inquiries and time it took to solve the claims . Payment industry has also been asked to give their feedback on the pricing paper .

MUMBAI (MUMBAI): The Reserve Bank of India (RBI) has asked fintechs and payment providers to freely disclose information on their inquiries and the time it took to solve the claims.After segmenting the market based on whether it is peer-to-peer, merchant, the value of the transaction, the payment industry has also been asked to give their feedback on the pricing paper, the regulator has asked the payment industry to submit feedback.RBI chief general manager P Vasudevan said that, most companies ask complainants to discreetly state facts when they protest on social media in Mumbai, but that there is no way to tell if it has been resolved or not.According to him, the first recourse for grievance redress should be the entity, not the RBI.

Policymakers are probing whether there is a foundation case and if add-on services can be leveraged.We need to look at segmenting this further: peer to peer, peer to merchant, large value versus small, large merchant versus small, instant transfer versus deferred.When deciding charges, all of these variables must be considered, said Vasudevan.While payments are a public good, Sameer Nigam, the founder and CEO of PhonePe, says they can't be free for everyone, and everyone will have to pay the bill.

I do not agree that we should go below costrecovery, as we are here today.Although earning money using alternative means is possible for banks and for the National Payments Corporation of India, it is not true for fintechs, he said.Nigam disagreed with the idea that payment providers could make money using customer data.