“Discourage cheque collection boxes at public places – have it only at bank branches. This will reduce the convenience of using cheques by individuals”

says Reserve Bank of India the Banking regulator in the country.

A public institution speaking in such sadistic tone is unprecedented.

The anti consumer tone of RBI Continues when it says further,

“charges levied may range from moderate to steep” (regarding charges for cheque leaves)

high convenience charge may be levied” (for card holders making payments by cheques) 

“charges may be levied at the time of payment / debit to the account by the paying bank” (for cheques beyond a stipulated value) 

“a processing charge when the cheque is deposited ” (for share holders receiving dividend warrants)

“cash withdrawals and deposits of cash by individuals may also be charged”

All these statements are contained in a discussion paper released by RBI on disincentivisation of cheques.

You can read the detailed paper here: http://www.naavi.org/cl_editorial_13/discussion_paper_cheques.pdf

The last date for submission of public comments is February 28, 2013.

Comments may be submitted by email at: chequeusage@rbi.org.in

More details and views will be presented in bloggernews.net as well as naavi.org

I urge public to send their views to RBI within the stipulated time.

Naavi

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