Cheques processing should be done more carefully – RBI
By Joseph Samson
Nov 6, 2014
Print    Email    RSS   

The apex bank- RBI has asked the banks to be more alert on cheques of the larger amounts. Keeping the increasing cheque scams in the mind the RBI has asked the bank to be more cautious while clearing the cheques of heavy amounts.

The banks have been asked to ensure that the private information is not misused either by the bank or by the vendor side. Banks should send SMS to drawer when cheques are received for clearing. When the cheques are of larger value bank must confirm it by making a call to the customer. In case the cheque is of value greater than Rs 5 lakh, bank should do multiple checking before clearing it. In addition to this complete check and security should be provided in case the cheques are tendered over the counters or dropped in the collection boxes by customers.

The best remedy to curb cheque frauds is to be cautious and avoid any kind of negligence while handling and processing the cheques. More enhanced methods and infrastructure should be implemented to proper handling and processing of the cheques

(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Reasons for rejection of loan application
The Home Loan Rate Pendulum
12 point conduct checklist for bank and...
This is how a bank lends money
An insight into the era of teaser loans

PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive