<p>With a view to improving customer services and speeding up fund transfer, the Reserve Bank of India has asked all CBS (core banking solutions)-enabled banks to issue multi-city cheques to all eligible customers and refrain from levying clearing charges on them.<br /><br /></p>.<p>A ‘payable at par’ or ‘multi-city’ cheque of a bank can be cleared by any branch of the same bank in the country. The process has significantly reduced the outstation cheque clearance time.<br /><br />The Reserve Bank of India notification has also directed the banks not to levy any charge for clearance of such multi-city cheques.</p>
<p>With a view to improving customer services and speeding up fund transfer, the Reserve Bank of India has asked all CBS (core banking solutions)-enabled banks to issue multi-city cheques to all eligible customers and refrain from levying clearing charges on them.<br /><br /></p>.<p>A ‘payable at par’ or ‘multi-city’ cheque of a bank can be cleared by any branch of the same bank in the country. The process has significantly reduced the outstation cheque clearance time.<br /><br />The Reserve Bank of India notification has also directed the banks not to levy any charge for clearance of such multi-city cheques.</p>