Recent news says, banks will clear local cheques in single day or the first half of the second day of its deposit. That is going to be a really good news for thousands of banking customers. “Ideally, in respect of local clearing, banks shall permit usage of the shadow credit afforded to the customer accounts immediately after closure of relative return clearing and in any case withdrawal shall be allowed on the same day or maximum within an hour of commencement of business on the next working day, subject to usual safeguards,” RBI said in its recent circular to all banks.
There has been many complaints ( I also complained few against SBI) against late clearance of cheques. Most probably, finally RBI must have taken customer friendly approach regarding cheque clearance! Here is the good news:
“MUMBAI: Banks will now clear local cheques deposited with them on the same day or, at most, early next day. A spate of consumer complaints and
consumer court directions have forced the central bank to roll back deregulation of cheque clearances by banks.
Four years after it said banks could frame their own cheque-clearing policies, RBI has issued fresh directives to banks stating that, for local cheques, credit and debit will be given on the same day or, at most, on the next day of their presentation for clearing. ” Source and complete story.
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