RBI Cheque Payment: Be aware of the new rules of RBI before paying by cheque, or penalty guarantee

by Business | 16-08-2021 | 261 views

New Delhi: RBI Cheque Payment: If you are going to pay by cheque, it is better to be a little careful. This is because the Reserve Bank of India (RBI) has made some changes in the banking rules. These changes came into effect from the beginning of this month, that is, from August 1, 2021. So it is important to keep these rules in mind if you are going to pay by cheque, otherwise you will have to pay a penalty.

Impact of new banking rules on cheque payment :

The RBI has now decided to extend the bulk clearing facility to 24 hours. This will affect the way your cheque is paid. Now it will take 2 days to clear any cheque, but it will not take 2 days after this rule. This means that the amount will be cleared as soon as you put the cheque. If you pay the cheque today and think that the money will be transferred to your account tomorrow, your cheque will bounce and you will have to pay a penalty. So you need to be very careful when giving the cheque only after checking your bank account. 

Now cheques will be cleared even on holidays : 

The Reserve Bank has decided to operate the RBI National Automated Clearing House (NACH) 24 hours a day. This law will apply to all nationalized and private banks.

Under this new law your cheque will now be cleared on holiday as well, but in such a case it is essential that you exercise caution. Because now the cheque issued on Saturday will be cleared on Sunday as well. 

RBI changed the rules of NACH : 

In a credit policy issued by the Reserve Bank of India (RBI) in June, the NACH has proposed to make the RTGS facility available 24x7 and all days of the week from August 1, which is available only on bank working days, to enhance customer convenience.

What is NACH : 

NACH is a bulk payment system operated by the National Payments Corporation of India (NPCI). It facilitates various types of credit transfers such as dividends, interest, salaries and pensions. In addition, the facility to pay electricity bill, gas, telephone, water, loan EMI, mutual fund investment and insurance premium payment is also provided.This means you do not have to wait from Monday to Friday (Week Days) to get all these facilities, you can do these jobs on weekends as well. 

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