The move from RBI to aggressively promote E Banking even in the light of repeated assertions that the E Banking risks are beyond tolerance levels and to actively discourage use of cheques and cash in Banking is likely to be a nightmare for ordinary citizens of the country.
In its discussion paper on disincentivising the use of cheques, RBI has made several proposals that are aimed at penalizing the current banking practices including use of cheques for payment and receipt and also withdrawals and deposit of cash in the accounts.
If due to this unfair actions of RBI, customers are pushed towards the use of E Banking and they encounter frauds, then RBI will be solely responsible for the losses that the bank consumers are likely to suffer.
I invite the attention of RBI Governor to this development and request him to kindly withdraw the move in toto.
In fact I feel that RBI needs to apologize to the Indian public for the anti consumer statements that have been made in the discussion paper which is uncharacteristic of RBI as we know.
Naavi
