RBI directs Banks : Accept EMI chqs only where ECS facility not available

Banks have been directed by the Reserve Bank of India to not accept any fresh post-dated equated monthly instalment (EMI) cheques at locations where the facility of electronic clearing service/Regional Electronic Clearing Service is available.

Source, The Hindu – 26.07.2013. To read full news AcceptEMIChequesonlywhereECSna

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