24 Jun 2015

RBI Policy - No extra Charges for Multicity Cheques Cleared in Clearing Houses


Reserve Bank of India had suggested vide its circular DPSS. CO. No. 644 / 03.01.02 / 2007-08 dated October 31, 2007, that the facility of “payable at par” / “multi-city” cheques should be made available by all the CBS enabled banks to all the eligible and requesting customers.Now vide its Circular No.RBI/2012-13/163 DPSS.CO.CHD.No.274/03.01.02/2012-13 dated 10-08-2012 has issued guidelines about Issue of multicity / payable at all branches cheques by CBS enabled banks and advised the Banks that since such cheques (payable at par) are cleared as local cheques in clearing houses, customers should not be levied extra charges.

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