For the convenience of customers, the RBI has taken a big decision. RBI has changed the rules of Cheque Clearance after which now it will be cashed more quickly than before. The new rules will come into effect from September. Overall, this step has been taken by RBI to prevent disturbances and delays in Cheque payments.
Delhi: The Reserve Bank of India (RBI) has decided to change the rules of Cheque Clearance. The effect of this will be that all the possibilities of disturbances will also be eliminated and Cheque will be cashed more quickly than before. According to the information, new rules will be implemented from September this year.
CTS will expand
RBI has decided to update all the remaining 18,000 branches to make the payment and settlement system more better, faster and accurate. Any branches that are not under the centralized clearing system Cheque Truncation System’ will be brought under the CTS by September. CTS is being used since 2010 and there are about 1 lakh 50 thousand bank branches under its purview.
Cheating will stop
The Reserve Bank has also said that it will set up an ongoing helpline for digital payment services against fraud and manipulation. Apart from this, it has also been decided that soon complaints against banking, NBFCs and card issuing companies will be made in one place. Complaint centers will be started under One Nation One Ombudsman Policy and customers will get the facility to complain in one place. The biggest benefit from this will be that the problem of customers will be resolved as soon as possible and they will get great relief. Under this scheme, customers who have complaints will be able to register complaints through phone, online, mail, post.
What is the customer problem
Most of the customers taking loans have a complaint that the loan lending institutions extend their loan duration or increase the EMI without giving full information. However, the change in the loan term or EMI amount only happens after changing the interest rate. Due to the change in the repo rate, the terms of the loan are also affected. On February 5, the RBI announced monetary policy. After the meeting of the 3-day Monetary Policy Committee, it has been decided not to change the repo rate.
