During the course of being a free adviser to the community through “CardBhai.Com”, I have seen lots of cases of disputed transactions where the Banks harass the consumer even though the onus actually lies on the bank to prove about any disputed transactions.
I’d like to bring to your notice that in case of “Credit Card” transactions, the Bank and the Merchant are issuing two different transaction / authorization codes / numbers. During the normal course of consumers’ credit card usage, this hardly matters. However, if there is a case of “Dispute” on any transaction then the consumer is in deep trouble.
Thus in this context, the first step towards speedy investigation of the case, I pray that RBI make it mandatory for both the Bank and the Merchant should have a Common Transaction Reference Number / Code.
The above Recommendation was sent to DGM, RBI as a feedback for the “Public Comments on Payment System Vision Document 2012-15”.