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Don’t compel customers to drop cheques in boxes: RBI to banks

Don’t compel customers to drop cheques in boxes: RBI to banks
PTI
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First Published: Wed, Feb 25 2009. 04 43 PM IST
Updated: Wed, Feb 25 2009. 04 43 PM IST
New Delhi: With a number of incidents of cheque theft from the drop boxes coming to light, the Reserve Bank has asked the banks not to force their customers to drop the cheques in the boxes only, Parliament was informed on Wednesday.
“(The) Reserve Bank of India (RBI) has informed that a few such incidents have been reported by the complainants to the offices of the banking ombudsman,” minister of state for finance P.K. Bansal said in a written reply to the Lok Sabha.
RBI has further reported that the details of such cases are not compiled separately as they are categorised as 8(1)(a) of the Banking Ombudsman Scheme, 2006, i.e. non-payment or inordinate delay in the payment of collection of cheques, he said.
“RBI has advised the banks that they should ensure that customers are not compelled to drop the cheques in the drop box,” the minister said.
Banks have further been asked to create customer awareness by displaying on the cheque drop box itself that “customers can also tender the cheques at the counter and obtain acknowledgment on the pay-in-slips”.
The banks have also been advised to make absolutely full proof arrangements accounting for the number of instruments each time the box is opened so that there are no disputes and the customer’s interest are not compromised.
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First Published: Wed, Feb 25 2009. 04 43 PM IST
More Topics: Banking | RBI | Banks | Cheques | Drop boxes |