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Kerala
MALAPPURAM: Starting from Monday, banks under the Manjeri Clearing House will introduce same-day ‘return clearing’ for cheques presented on week days. In other words, cheques presented for clearing will be either cleared or returned on the same day depending on availability of funds in accounts. Till now, banks used to wait till 12 noon the next day for clearing cheques. RBI directiveThe change in clearing timing is following a direction by the Reserve Bank of India (RBI) under its Uniform Regulations and Rules for Bankers Clearing Houses. As per the new return clearing regime, a cheque presented for clearing will be honoured if there is enough cash in the account at 2 p.m. on the same day. If there is no money, the cheque will be sent back at the 3.30 p.m. No waitingIt will no longer wait till the next-day for clearing, said Mohammed Ali, Clearing House president and chief manager of State Bank of Travancore, which conducts the Clearing House. However, the return clearing for cheques presented on Saturdays will take place on the following working day. Mr. Mohammed Ali said that faster return clearing would benefit the customers and the banks alike. Customers do not have to wait till the third day for their cheques to be cleared. For banks too, it ensures that account holders deposit their money a day ahead in order to avoid dishonouring of their cheques.
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