As former RBI governor, Raghuram Rajan did not usher in just headline-grabbing macro measures for banking, he also took steps to protect the layman’s interests as customers. Sangita Mehta lists five of them.India is still predominantly a cash economy and one of the biggest challenges are the mutilated notes.RBI has said that a person can now go to a bank branch to exchange 20 soiled notes with a maximum value of Rs 5,000 per day. This service will be free of cost and over the counter.Every customer will have the right to know his/her credit score at least once in a calendar year free of cost. RBI has mandated credit information companies (CIC) to provide in electronic format full credit report to customers once a year.As the number of online transactions increases, instance of electronic frauds have also gone up.To boost confidence among customers worried about unauthorised transactions, RBI has said customers will not have to bear the entire cost in case of any online fraud.There will be no cost to customers if online frauds are intimated to banks within three working days. If they intimate banks within three to seven days,the liability will be limited to Rs 5,000.Banks can no longer fleece customers by charging them for not maintaining minimum balance. If a balance dips below the minimum stipulated amount, banks have to notify customers and give them a month to restore the balance.Most importantly, savings account cannot turn negative only on account of levy of charges for non-maintenance of minimum balance. The penal charges, if any, should be directly proportional to the extent of shortfall.To prevent card-related frauds, RBI has mandated banks to issue chip-based and PIN-enabled debit and credit cards This is aimed at eliminating skimming risks and preventing misuse of stolen cards.Even as RBI tightened the security for cards, it gave innovation a boost by withdrawing the two-factor authentication for low-value transactions below Rs 2,000.This has prompted banks to make huge investment in NFC-enabled ‘tap and pay’ cards and acceptance devices.