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Clearing of cheques within 24 hrs

Reserve Bank of India has advised the National Consumer Disputes Redressal Commission that before the end of March, 2007, necessary action would be taken so that delay in clearing cheques would be minimum and in any case not more than 24 hours.

Commission bench has directed the RBI to publish the steps already taken and contemplated so that consumers become aware of their rights. The commission also asked the central bank to place the information in this regard on the Internet so that aggrieved consumers can draw the attention of respective banks in case of delay in clearance.

Earlier, the Commission had sought a response from RBI asking whether its guidelines to stop the malpractice of using funds before clearing cheques were being followed by banks

Prominent bankers to discuss electronic payment products like RTGS, NEFT, Cheque Truncation on 10th January 2007 ...Click here

RBI to strengthen the framework for payment and settlement systems Click here


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