RBI press release

BANKNOTE MISUSE

I am amazed at the press release: 2007-2008 / 1186, that the RBI has issued on Wed. 12^th March 2008 concerning the defacement of bank notes, making of garlands of notes, using them for decoration of pandals, etc. This can be read at their website: http://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/83436.pdf

It is further reported by the print media that RBI have stopped all banks from stapling of bank notes, making notations thereon and other similar defacement. Now the RBI wants to target private defacement saying that bank notes should be respected as they are symbol of sovereign India. I believe they have even tried their hands at screening short films with this theme. All this is for the general good and should normally call for felicitation of the RBI. However I am amazed that they feel that a few such attempts will get the job done. Obviously they lack the basic marketing skills of the private sector and knowledge of levering the TV media. This current press release shows that they have no intention of improving on their skills to reach the masses in India.

I wish the RBI could first get the large nationalised banks to abide by such decent behaviour. I have attached here a picture showing the SBI has issued a bundle of Rs. 100 denomination notes, with the date stamp of 15^th April 2008 which is very obviously defaced with large size multiple staples. This is still a very common practice in smaller towns as the same picture shows The Shirpur Peoples' Coop Bank Ltd. doing the same thing. How's that for effort on part of the RBI?

If the RBI after years of effort, cannot even get SBI to follow common sense principles and, the Bank Employee / Officers Unions who are so eager to strike work for imagined loss of stature, cannot enforce such basic discipline, how is this world renowned national institution expecting to make headway with the 'ignorant' masses in India?

It is obvious that the RBI has to spend millions of tax payer's money, to print millions of currency notes. Could they not spend some of these millions to make a long term professional marketing plan to reach the people all over India? I am sure some of the leading advertising and media agencies, could give them a 'cut rate' for this social responsibility plan. Take a reality check RBI, the tax payers of India desire accountability.

Another issue. The extensive website of RBI has lots of snail mail details, lots of reports and bulletins, lots of web links and even some phone codes. All this is sharing information one way, top-down approach, one way traffic. Has it occurred to the top honcho's that two way streets are quicker? Could I hope to see some email ids of executive officials whereby public who is so enabled can reach out with their responses, without going thru the laborious method of typing out letters? I could not find any email id at the RBI website, hence this note to the print media for publicity.

Praful Vora. praful.vora@rediffmail.com 10^th May 2008.