Tuesday, November 5, 2024

If you want to pay by check, be cautious and familiarise yourself with the new RBI guidelines; otherwise, a penalty may be applied

RBI Check Payment: If you’re planning to pay by cheque, be aware that the Reserve Bank of India (RBI) has recently announced significant adjustments to the banking rules. These modifications, however, took effect at the beginning of this month, on August 1, 2021. As a result, if you want to pay by check, it’s critical to remember these regulations; otherwise, you could face a penalty.

New banking rules have an impact on check payments.

The RBI has now decided to extend the bulk clearance facility for another 24 hours. This will have an impact on how you pay your bill. Currently, it takes two days for a check to clear, but if this rule is implemented, it will take only one day. This means that the amount will be cleared as soon as you deposit your check, and you will have that much money in your bank account. It must be kept in order for the check to be cleared. If you write a check today with the intention of transferring money to your bank account tomorrow, your check may bounce, and you may be required to pay a penalty. As a result, you must use extreme caution when issuing the check. First, check your bank account, then write the check.

Even on holidays, checks will now be cleared.

The Reserve Bank has now opted to operate the National Automated Clearing House (NACH) 24 hours a day, seven days a week. All nationalised and private banks will be subject to this rule. This new regulation means that your check will be approved even if it is a holiday, but you must be cautious in such a circumstance. This is because checks written on Saturday will now be approved on Sunday as well. Previously, checks were not cleared on Saturdays or Sundays when they were issued.

Read More: Rashmi Desai gave such a Hot pose while taking a bath in the bathroom, the internet was shaken

The NACH rules were amended by the RBI.

Let us remind you that the Reserve Bank stated in its June credit policy that in order to improve customer convenience and make the RTGS service available 24×7, NACH, which is presently only available on bank working days, will be extended until August 1, with plans to expand it to all days of the week starting in 2021.

What exactly is NACH?

Let us explain what NACH is. NACH is a mass payment system run by the National Payments Corporation of India (NPCI). Which allows for a variety of credit transfers, including dividends, interest, wage, and pension payments. Aside from that, you may pay your energy bill, gas bill, phone bill, water bill, loan EMI, mutual fund investment, and insurance premium payment. This means you won’t have to wait till Monday to Friday to enjoy all of these services; they’ll be available on weekends as well.

In January, a positive pay scheme was adopted.

Let us remind you that, prior to this, on January 1, 2021, amendments were made to the laws for check payments, and persons would be required to follow these rules for payments above 50 thousand rupees. It will, however, be entirely elective. This was done by the central bank to avoid check fraud. Payments of more than $50,000 will have to be re-confirmed under the Positive Pay System, which will take effect on January 1, 2021. Checks can be issued using this system via SMS, mobile app, internet banking, and ATMs. The date of the cheque, the name of the person making the payment, the payee’s information, and the amount must all be included.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

X changed its monetization policy, Elon Musk made a big change

The social networking platform X has decided to modify its artists' monetization approach. Users will now be less reliant on adverts as a result...

New feature given in the KTM 250 Duke, comes for Rs 2.5 lakh

The KTM 250 Duke's latest version is on the market. The TFT LCD on the KTM 250 Duke is new. Along with this, LED...

Apple to launch iPad Mini 7 on this day! know the details before launch

The iPhone 16 series is the newest iPhone series that Apple has released. Apple released four phones in this series: the iPhone 16, iPhone...

EMI to remain expensive, RBI makes no changes in the repo rate

The burden of high EMI is not alleviated. The 6.50 percent policy rate has been sustained by the Reserve Bank of India. This declaration...

Assistant Professor Recruitment in Delhi University, this is the last date

An announcement for Recruitment has been made by Delhi University for the position of Assistant Professor. The University (DU) has made this position available...

Most Popular

Subscribe

* indicates required