Message sent to Payment and Settlement Department RBI through the website

The payment settlement department has authored the E Banking promotion policy reflected in the discussion paper on disincentivisation of cheque usage. I would like to state that this is a promotion of commercial banking business rather than technology enablement and hence not in tune with the regulatory functions of RBI.

Further, RBI is a Banking licensing authority and I need not remind that Banking by definition is integrated with the “Cheque” as a means of withdrawal of deposits. Any policy against this is against the basic constitution of RBI.

The paper is also obnoxiously anti consumer.

I therefore consider the discussion paper as ultra vires the RBI mandate and has to be withdrawn immediately.

I look forward to an acknowledgment of this complaint.

Sent on 12th February 2013 at 7.07 pm. …Naavi

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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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