Saturday, September 15, 2012

ISSUE MULTI-CITY CHEQUES: RBI TO BANKS

With a view to improving customer services and speeding up fund transfer, the Reserve Bank has
asked all core banking solutions (CBS) enabled banks to issue multi-city cheques to all eligible
customers and refrain from levying clearing charges on them. A 'payable at par' or 'multi-city' cheque of a bank can be cleared by any branch of the same bank in the country. The process has significantly
reduced the outstation cheque clearance time.

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