If you make payments through cheque, then there is important news for you. Now, you have to be more careful before giving a cheque to any person or organization. The Reserve Bank of India (RBI) has made major changes in banking rules that came into effect on August 1.
The central bank has decided to keep the National Automated Clearing House (NACH) operational 24 hours a day. This rule will be applicable in all nationalized and private banks also.
Under this new rule, your cheque will be cleared even on a holiday. Even though it will reduce the time for clearance, now you also need to be cautious because now the cheque issued on Saturday can be cleared on Sunday also. That is, you have to keep a balance in your account at all times for the clearance of the cheque, otherwise, if your check bounces, you may have to pay a penalty. Earlier, while issuing the check, the customer felt that it would be cleared only after the holiday. But now it can be cleared even on a…