Moneylife Foundation, as the voice of over 30,100 savers, has sent a memorandum to the RBI and also called for a round-table discussion on 13th September with like minded citizens, activists and NGOs to take up ATM usage and charges issue with the banking regulator
The Reserve Bank of India, on 14th August issued a very anti-consumer directive restricting free usage of automatic teller machines (ATMs) by customers. This is in contrast to its own 5-point consumer charter (CC) that was well appreciated by media and bank customers.
Moneylife Foundation, along with several like minded citizens, activists and non-governmental organisations (NGOs), is protesting RBI's move restricting free usage of ATMs by bank customers.
Moneylife Foundation also sent a memorandum to RBI governor Dr Raghuram Rajan, requesting him to restore unlimited usage of ATMs by banks to their own customers, restore differential pricing for cash and non-cash transactions at ATMs and introduce a system of reporting out of order ATMs for customers.
In addition, Monelife Foundation has called for a round-table discussion on this issue at Moneylife Foundation Knowledge Centre at Dadar in Mumbai on 13 September 2014 between 2.30pm to 4.30pm. All citizens, activists and NGOs who wish to be part of this discussion and take this forward are invited to join the round-table. There is also a need to write to the RBI that any directive that leads to increased costs to the depositor must be discussed with bank customers, the largest stakeholders.
Currently, banks have the freedom to decide their charges and interest rates without reference to RBI. So, if some banks found it prudent to curb usage or disallow third-party transactions, they could have gone ahead and done it without RBI’s intervention. So why the RBI directive? To make an anti-consumer action look like a regulatory diktat?
The Indian Bank's Association (IBA) used its influence on the central bank to ensure that angry customers do not vote with their feet and switch banks. Getting RBI to issue a directive removes the problem.
It also ignores the fact that IBA behaves like a cartel under RBI’s benign watch. That is how all banks act together to charge for mobile texts and debit cards and ensure that interest on savings bank deposits remains a low 4% at all but a couple of new banks.
In addition, what about ATMs that are not functioning thus making people to hop around and use other bank's ATM that is working. Another crucial issue is the restriction on money withdrawal. If someone needs, lets say Rs25,000, and the ATM has withdrawal limit of Rs10,000. In this case, the person would end up making all three permitted transactions there only.
Here is a link to our story on ATM charges: The RBI's ATM usage rule flies in the face of its own Consumer Charter
Information on Grievance Redressal Mechanism, names of nodal officers and contact numbers would be shared with the public on the portal
Minister for Civil Aviation, Ashok Gajapathi Raju Pusapati launched today a 'Know Your Rights' (KYR) portal of the Directorate General of Civil Aviation (DGCA) to mark 100 days of the new government.
The Internet address of the portal is:
DGCA said that it would provide information on the rights of passengers in cases of delays, cancellation and denied boarding, lost, delayed, misplaced and damaged baggage; and on matters related to booking, airfare components and refund of air tickets. The information on availability of the Grievance Redressal Mechanism, names of nodal officers and contact numbers would be shared with the public on the portal.
The categories under which information is given in the portal include: travel issues, special assistance, advisory for passengers, grievance redressal mechanism, disruptive passengers, tips for healthy flights.
The portal is text-based and for professional users, there is invariably a pdf file to download at the bottom giving full details. The airlines covered for grievance redressal include: Air India, Jet Airways, SpiceJet, Go Air, Indigo, Air Costa and Air Asia.
Air passengers can now read the fine print on the Internet from the DGCA portal and Know their Rights as paying passengers. A screenshot from the portal is given below: