Cheque Will Bounce If You Don’t Obey This New Rule; Also Pay Penalty!

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As per a new notice from the Reserve Bank of India, customers who frequently use cheques for transactions must ensure sufficient funds in their bank accounts.

The RBI has issued a new set of guidelines on changes to banking rules. The changes will take effect this month. 

Your Cheque Will Bounce If You Don’t Follow This Rule

The new rules affirm that cheques can be cleared on a Sunday or any bank holiday as well. Customers should issue checks with sufficient funds in their bank accounts. At all times, they must maintain a minimum balance in their bank account. If the minimum balance is not maintained, the cheque may bounce, and the customer will pay the penalty.

Since August 1, 2021, this facility will be available every day of the week.

The 24/7 bulk clearing of cheques will mainly benefit cheque users. All national and private banks have implemented it. Due to the new change, cheques will also be cleared on holidays and on Sundays.

NACH To Be Available All Days Of The Week

From August 1, the National Automated Clearing House (NACH) payment system will be open every day of the week. 

NACH provides a secure and scalable platform that all participants across the country can use to process file-based transactions.

“To further intensify customer convenience, and to leverage RTGS’ 24*7 availability, NACH will be available seven days a week from August 1, 2021,” Governor Shaktikanta Das announced.

NACH, the NPCI’s bulk payment system, facilitates one-to-many credit transfers such as dividend, salary, interest, pension, and other payments, as well as the receiving of payments for electricity, telephone, gas, water, insurance premiums, periodic instalments on loans, mutual fund investments and other items.

NACH has grown a prominent mode of direct benefit transfer (DBT) to various beneficiaries.

According to the RBI Governor, this has made the transfer of government subsidies during COVID-19 more timely and transparent.

In response to the second COVID 19 wave, the Reserve Bank of India (RBI) has retained the benchmark interest rate at 4% and kept an accommodative stance.

Monetary Policy Committee (MPC), Chaired by RBI Governor Shaktikanta Das, has maintained the status quo the sixth time. An off-policy cycle cut the interest rate to a historic low on May 22, 2020, when the Fed last revised its policy rate.

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