Zee Media Bureau
Mumbai: Reserve Bank has asked banks to alert account holders to send an SMS alert to payer/drawer when cheques are received for clearing and examine cheques under UV lamp for clearance beyond Rs 2 lakh, in a bid to clamp down on cheque-related fraud cases.
RBI further said multi-level checking should be done before clearing cheques above Rs 5 lakh. It has also asked the banks to make a phone call and contact the base branch in case of non-home cheques before clearing high value payments.
The RBI said banks may resort to given directions selectively, if not feasible to be implemented systematically.
It further asked banks to take appropriate precautionary measures to ensure that the confidential information are neither compromised nor misused either from the bank or from the vendors' side.
With PTI Inputs
