offering safe and secure payment experience to consumers. Such moves, a direct result of the circular, may disproportionately impact low income consumers, by making services prohibitively expensive, and be antithetical to Mr Das’s vision of inclusive and equitable recovery.Ĭlearly, the RBI has the right intent i.e. ![]() Many service providers are also moving away from short-term monthly plans/packs to more long-term ones and consequently increasing their prices. We would urge Shaktikanta Das, the RBI Governor to urgently look into this matter and establish robust processes within the regulator to regularly engage with consumer groups and consider consumers' perspective while taking decisions impacting consumers at large. The RBI has become much more forthcoming in inviting comments from public on draft notifications and reports. ![]() Non-consideration of consumers’ point of view is surprising as the RBI is globally reputed to function very well in consumer interest. It has been estimated that monthly transactions worth Rs 2,000 crore could be adversely impacted if prohibition comes into force. While the RBI acknowledged the possibility of such large-scale disruptions, it has unfortunately not reached out to consumers and consumer groups with a plan to manage such a situation. Mind you, many card users were pushed into the digital ecosystem during the pandemic, and may be once bitten twice shy should their online experience not inspire confidence. In a country with more than 97 crore cards, and approaching 1.5 crore card transactions on a daily basis, worth Rs 4,000 crore, this can create massive and unimaginable inconvenience to consumers.
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