“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 [...]

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Section 5(b) of the Banking regulation act of India defines “Banking” as follows: (b) “banking” means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawal by cheque, draft, order or otherwise;  It is inherent in the definition that ability for “withdrawal [...]

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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 [...]

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Do you take a close look at all your bills and statements every month? Do you look at all the charges? Are you familiar with each charge—where, when and to whom? Do you recognize monthly recurring charges? Did you know that nine out of 10 people don’t check their bills, or merely skim them quickly [...]

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[P.S: This is part 2 of the draft reply from Naavi to RBI on the discussion paper released by them on disincentivisation of the use of the cheques to stimulate other observers to place their suggestions before the deadline of February 28, 2013. Part I of the reply is available here. This is still in the draft [...]

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[P.S: This is a draft of a letter proposed to be sent to RBI. This is also the first part and will continue. I am releasing this to the public domain since I want public to understand the implications and submit their responses to RBI before the deadline of February 28, 2013.  This has reference [...]

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