NEWS & ADVICE : HOME LOANS
Cheques processing should be done more carefully – RBI
By Joseph Samson
Nov 6, 2014
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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


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