Cheque Return

[MIA]

CHAMBER OF SMALL INDUSTRY ASSOCIATIONS

 ESTD.YEAR 1990                                                                            REGD.NO.11-67185

Member, National Board for MSMEs [2010-2012]

TSSIA HOUSE, Plot No.  P- 26, Road No16/T, Wagle Industrial Estate, Thane 400604.Maharashtra,India. PHONE: 0091- 22 -25803536, 25822493 Fax: 25823303 Email:cosia...@gmail.com,Website: cosia.org.in

 COSIA/05/13/06                                                                                                  14^th May 2013

Vital and for instant attention

 

All MSME Associations in India

COSIA Committee Members,

 

Namaskar,

 

Subject: Cheque Return

 

A Circular has been issued by RBI on 7^th May 2013 to all the banks in India on above subject which has came into force with immediate effect.

 

RBI has noticed that banks are levying cheque return charges even in cases where customers are not at fault and also delaying representation of such cheques. This is being an unsatisfactory customer service, the RBI has listed objections were customers are not at fault. It is therefore clear that cheque return charges shall not be levied by bank in such cases.

 

I am forwarding to you the said circular of RBI for your information and appropriate action.

 

You may please communicate this information to all your members.

 

Thanks & regards,

Dilip Salvekar,

Secretary General.

 

Encl.: As above.