Another change from RBI is going to implement in Indian Banking system soon. Now RBI is planning to reduce the no of free cheque books issued to customers. Generally Banks offer 25 or 50 leafs cheque book free first. And then later on it might cost 2-5 rs per leaf. But now as RBI this should be stopped to encourage the electronic payment, that is online transaction more and more. This rule is mainly applicable for savings bank account holders as current account holders do not get any free cheques as per current system. Earlier RBI has announced the new cheque system (CTS) which is going to replace all the existing cheques from coming March.
This looks like a another great move from RBI. As online transactions are more secure and trustworthy compared to offline. For payments with cheques need more time and steps to cover before en cashing to your account. This new discussion might help people to think more about online banking. Even RBI has instructed to stop issuing post dated cheques and use electronic payments in such cases. Actually in case of fresh loans we have to provide post dated cheques. This can be minimized with proper implementation of late payment fees or some other way as per RBI.
This is not the end of the story here, as per RBI they are going to remove all cheque collection boxes from public places or ATMs. They will only be available in banks branches only. Even some payment received by cheque will now be charged. Like investment in shares, bonds and other savings, cash withdrawal or deposit etc.
So the summary of the news here is: if you are not comfortable with online transactions and love to deal more with hard cash, then start thinking in a different way as RBI is going to make your life tough in many ways. In fact you should discover the world of electronic money and all the safety measures to protect your transactions. Then you will realize the power and safety of online banking or transactions. Anyway good luck RBI and waiting for the next such news.