RBI must deal more with consumers, review rules impacting them: CUTS talks

Experts at discussion say approach favouring of banks over consumers may make the latter move away from the digital economy towards cash

At an online discussion organised by Consumer Unity and Trust Society (CUTS) International on the issue of evaluating consumer welfare in digital payments, several industry stalwarts discussed the way forward for India's banking regulator.

“The Reserve Bank of India needs to engage with consumers and clearly explain the rationale and impact of its regulations,” said Montek Singh Ahluwalia, former Deputy Chair, Planning Commission of India.

The discussion reviewed a recent Reserve Bank of India (RBI) circular that prohibits continuation of frictionless e-mandates from modes like debit cards from October 2021, if conditions mentioned therein are not complied with by industry