RBI Tightens Rules Against Cheque Bouncing After Persistent Appeals by Grahak Bharti

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Mumbai: In a major move to curb the rising incidents of cheque bouncing, the Reserve Bank of India (RBI) has issued comprehensive new guidelines, bringing much-needed reforms to outdated policies. This development comes after persistent representations, continuous follow-ups, and a Public Interest Litigation (PIL) filed by Grahak Bharti, a consumer rights organisation led by its National President, Barrister Vinod Tiwari.

Under the updated guidelines, all banks are now mandated to immediately notify both the issuer and the payee within 24 hours of a cheque being dishonoured. Additionally, the penalty rates for cheque bouncing will be standardised across all banks, ensuring a uniform and transparent system.

To further deter habitual offenders, the RBI has directed banks to report repeated cheque bounce cases to a special portal accessible by all banking institutions. Banks have also been empowered to withhold new cheque books and even close the accounts of customers who are found repeatedly violating norms.

“Customers who earlier escaped by shifting accounts from one bank to another to continue their defaulting practices will no longer be able to do so,” said Bar. Vinod Tiwari. “The RBI’s decision is a significant achievement, marking a big relief in the fight to hold habitual offenders accountable.”

The move is seen as a long-overdue reform, with consumer activists highlighting that it has taken nearly 50 years for such a strong regulatory framework to be put in place. These new measures are expected to significantly ease the burden on courts by expediting punishments for cheque bouncing offences.

“This marks the beginning of the end for habitual cheque defaulters,” said Tiwari, welcoming the RBI’s decisive action.

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