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Cheques to be cleared in 24 hrs: RBI

The Reserve Bank of India told the Consumer Commission steps would be taken to ensure that cheques get cleared within 24 hours.

DNA Web Team

Updated : Sep 14, 2017, 04:00 PM IST

NEW DELHI: The Reserve Bank of India on Wednesday informed the apex Consumer Commission steps would be taken to ensure that cheques get cleared within 24 hours of their presentation so as to bring down the loss caused to consumers.

In an affidavit filed before National Consumer Disputes Redressal Commission, the RBI said: "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."

Taking its affidavit into records, the Commission Bench headed by Justice MB Shah and Member Rajyalakshmi Rao directed the RBI to publish the steps already taken and contemplated so that consumers become aware of their rights.

The commission told 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 bench 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.

The commission was hearing a complaint filed by Atul Nanda alleging that deliberate delay, which amounted to malpractice, on part of banks in clearing cheques cause loss of more than Rs 600 crore for a day’s delay to consumers.

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