Banks were earlier
advised that, if in a financial, year four cheques of Rs. 1 cr and above were
dishonored in an account for insufficient funds, no fresh cheque book should be
issued. The bank could also consider closing the current account at its
discretion.
It has now been left to the discretion of the banks
to determine their response to dishonour of cheques. Banks should put in place their
own appropriate policy in this regard.
Based on RBI circular dated 4/8/16. For further details
please refer www.rbi.org.in ……………. Poppy
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