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I therefore consider the discussion paper as ultra vires the RBI mandate and has to be withdrawn immediately.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