Cheques will be cleared in 24 hours, says RBI

The Reserve Bank of India (RBI) on Wednesday informed the apex Consumer Commission that 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.

The Reserve Bank of India (RBI) on Wednesday informed the apex Consumer Commission that 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.

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In an affidavit filed before the National Consumer Disputes Redressal Commission, the RBI said: “Before the end of March 2007, necessary action will be taken so that delay in clearing cheques will be minimum and in any case, not more than 24 hours.” Taking its affidavit into records, the Commission Bench headed by Justice M.B. Shah and Member Rajyalakshmi Rao directed the RBI to publish steps already taken and contemplated so that consumers are aware of their rights. The Commission also asked the RBI to place the information in this regard on the Internet.