I draw the attention of the Governor of RBI to the latest discussion paper released by RBI for disincentivising the use of cheques.
If we go through some of the suggestions it appears that RBI has simply gone crazy. It is planning to misuse its respect and statutory powers to regulate the Banks to swindle the customers.
The suggestions in the discussion paper seems to have been issued either by a commercial bank or under the influence of a commercial bank.
The discussion paper for example suggests “Corporates should be asked to charge Rs 25 per instrument when they issue dividend warrants. It then goes on to suggest that collecting bankers should also charge for the collection”.
It appears that RBI has forgotten its objectives. It was considered the custodian of the Usurious Act to prevent charging of unfair interest to citizens. Now RBI itself has turned out to be crazily usurious.
I request the Supreme Court to take notice of this development and ensure that Bank customers of India are protected from the mindless suggestions in the discussion paper.
A copy of the discussion paper is available here