RBI/2013-14/458
DBOD.BP.BC.No. 87/21.01.001/2013-14
January 22, 2014
The Chairmen / Chief Executives of
All Scheduled Commercial Banks (excluding RRBs)
All Scheduled Commercial Banks (excluding RRBs)
Collection of Account
Payee Cheques -
Prohibition on Crediting Proceeds to Third Party Account
Please refer to our circular
DBOD.BP.BC.No.50/21.01.001/2011-12 dated November 4, 2011 advising banks
that they are prohibited from crediting ‘account payee’ cheques to the account
of any person other than the payee named therein. We reiterate these
instructions and advise that banks should strictly collect ‘account payee’
cheques only for their payee constituents.
2. Banks may, however,
consider collecting account payee cheques drawn for an amount not exceeding
Rs.50,000/- to the account of their customers who are co-operative credit
societies, if the payees of such cheques are the constituents of such
co-operative credit societies, as advised in our above circular dated November
4, 2011.
Yours faithfully,
(Chandan Sinha)
Principal Chief General Manager
Principal Chief General Manager
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