The Reserve Bank has asked banks to compensate customers for delay in clearance of local cheques giving relief to bank customers,. The Central bank in it's directive has said;
in case, no rate is specified in the Cheque Collection Policies (CCP) for delay in realisation of local cheques, compensation at savings bank interest rate shall be paid for the corresponding period of delay.
It also advised banks to reframe their CCPs specifying details regarding timeline for clearance of local cheques and compensation for delay and display them on their websites.
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