RBI relaxes norms for cheque dishonor cases: Reports
05/08/2016 10:52
The Reserve Bank of India has said that it has left it to the lender's discretion on whether to issue fresh chequebooks or not in cases of dishonour of Rs 1 crore and above. As per the existing directive, banks are not allowed to issue fresh chequebooks in the event of cheque dishonour valuing Rs 1 crore and above on four occasions during a financial year for want of sufficient funds. Commenting on the issue, a RBI Official told the media, "Banks should put in place an appropriate policy approved by the board or its committee taking into consideration the need to prevent misuse of cheque drawing facility and avoid penalising customers for unintended dishonour of cheques." The bank regulator also asked the banks to make this policy transparent and bring it to the knowledge of the customers.
05/08/2016 10:52
