RBI has been taken over by hawks

RBI has traditionally been known as consumer friendly. Top executives of RBI have always upheld the interest of common man in devising their policies. This was seen through out the days when technology made inroads to Banking. The SR Mittal Group which gave its recommendations on Internet Banking, the G.Gopalakrishna Working Group which gave recommendations on E Banking security and the Damodaran Committee which gave recommendations on Customer service have all been very consumer oriented in their approach.

But.. But.. some thing has happenned now at RBI. There appears to be a shocking change of attitude. Now RBI is talking in the language of a blood thirsty shylok..

For confirmation, look at the language used in the discussion paper on “Disincentivisation of cheques”. It is full of words such as ‘Disincentivise”, “Charge”,”levy a Steep charge”, “levy a High charge”, “Create inconvenience” etc

Whatever may be the intention, the language used in the paper indicates that RBI has changed. I hope this is a temporary aberration and wiser counsels will prevail.

The discussion paper is worth being withdrawn and RBI should apologize to Indian Public for having released such an anti consumer literature.


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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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