Issue
of multicity / payable at all branches cheques by CBS enabled banks
1. As
you are aware, various Core Banking Solutions (CBS) implemented in banks marked
a paradigm shift in Customer Services. Customers of a branch are now the bank's
customers as they can access their accounts from any branch for defined
purposes. The new opportunities offered by CBS have enhanced customer service
by way of offering various payment products and channels resulting in speedy
movement of funds across the country. Leveraging the CBS, banks have started
issuing “payable at par” / “multi-city” cheques to select customers with
separate transaction codes (29, 30 and 31) by putting in place infrastructure
for processing such cheques at all CBS enabled branches.
2.
In this regard, 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 taking into consideration the availability of CBS in more than 35,
000 bank branches at that time.
3.
On a review of the practice followed by banks in this regard, it has been
observed that banks are issuing these types of cheques differently. While a few
banks are issuing “payable at par” / “multi-city” cheques with value cap, some
other banks issue these cheques as per category of account (High Net-worth
Customers). Instances of levying intersol charges when such cheques are cleared
at other than the base branch city have also come to our notice.
4.
Taking into consideration the availability of processing infrastructure for
clearing outstation cheques at all clearing locations across the country and to
bring about further efficiency in cheque clearing, all CBS enabled banks are
hereby advised to issue only “payable at par” / “multi-city” CTS 2010 Standard
cheques to all eligible customers. Appropriate Board approved risk management
procedures based on risk categorization of accounts may also be put in place.
Since such cheques (payable at par) are cleared as local cheques in clearing
houses, customers should not be levied extra charges. The updated Board approved policy of banks in this
regard may be placed on the web-site of banks, customers notified and a copy
thereof forwarded to us.
5.
The above instructions are issued under Section 18 of the Payment and
Settlement Systems Act, 2007 (Act 51 of 2007).
PFA the file:-
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