Tuesday, September 05, 2006

Notice to banks for delay in crediting cheques

The National Consumer Disputes Redressal Commission has issued a notice to the Reserve Bank of India and 88 commercial banks, for delaying the crediting of cheques.
You know, how much they are allegedly earning in a day by delaying the cheques, Rs 621 crore. In a financial year nearly 13,000 lakh cheques were cleared by the 88 banks across the country attributing the total amount of Rs 1,13,37,000 crore. If they enjoyed the benefit of this interest by 50%, it comes Rs. 621 crore a day at 4 percent rate of interest.

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