The customers have recourse to the Banking Ombudsman a customer complaint redressal machinery put in place by RBI. 10. The three stakeholders viz. the telecom operators, banks and merchants have realized the value proposition and the only sustainable business model is where these stakeholders work together to deliver true value to customers and effectively share the costs saved and new revenues generated.
Hence, it is imperative that all the three while being cognizant of their strengths, do not lose sight of their weakness and find ways to integrate their offerings without losing their individuality. The broad regulatory approach of RBI has been to permit such entities to provide payment services that are fee based without access to funds of the customers.