RBI is recommending unreasonable and Usurious charges for customers

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 

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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