Sir — After demonetisation, India will march towards a cashless economy with increased usage of e-payments and online transactions. There will be increased usage of debit and credit cards. But presently, there are certain irregularities and malpractices, especially in private sector banks, that must be overcome. The Union Government and the Reserve Bank of India must frame uniform guidelines, interest rates, penalties, charges for all banks.
Arguments made by banks to have extraordinary interest rates to overcome the heavy costs in credit card operations, are confessional. They show banks had been so far levying ‘hidden charges’ on gullible customers.