RBI understandably, is seriously mulling over the idea of ‘disincentivisation’ of use of cheque books. In other words, use of cheques is going to be discouraged and instead use of electronic remittances and use of Internet Banking and other electronic remittances are to be encouraged. As the regulatory and Public Sector Monitoring agency dedicated to customer interest and investor protection, I fail to understand why RBI should embark upon this task of disincentivisation of cheque leaves. Even advanced (technologically and academically more literate) nations like UK once thought on these lines and later gave up the idea. Major banks nowadays fail to make public the amount of loss of the number of cases under disputed electronic remittances. SBI the major public sector bank of the nation, even escaped revealing such figures under the cover that SBI cards is a separate entity not coming under the public authority of SBI. Under these circumstances, this move of RBI is not in the common man’s interest. The time is not ripe in India to discourage the use of cheques or replace it.
Chairman of Digital Security Association of India.
Authored the book Prevention of “Cyber Crimes and Fraud Management in Banks” published by Indian Institute of Banking and Finance, Mumbai, as a course-ware for its Certificate Course. The book is available in all leading book stalls.
Written the complete courseware (Book) titled “I.T. Security” for Indian Institute of Banking and Finance (IIBF) for its certificate course on IT Security for Bankers being launched in July 2012. The courseware is in four modules: IT Security Overview, IT Security Controls, IT Security Threats and IS Audit and Regulatory Compliance. It is a priced edition published by IIBF and printed by Taxmann. Please contact IIBF for copies.