The Reserve Bank of India announced to revise the outstation cheque collection charges. The cheque collection charges are likely to fall following the announcement of the apex bank. The charges on electronic remittances through the ‘Real Time Gross Settlement System’ and the ‘National Electronic Fund Transfer mechanisms’ are also likely to be slashed.

Some banks are charging unjustified prices for the cheques. The average charge for clearing Rs 1-lakh cheque is around Rs 420 as per the report of RBI. But no bank would be allowed to charge more that Rs 50 according to the new rules. The move will save a large amount of corporate houses and individuals.

The bank also proposed to scrap additional charges such as courier charges, out-of-pocket expenses, etc. The banks will no longer be able to return the outstation cheque of the customers.

The apex bank would display all the service charges levied by banks on its website. The bank would also encourage payments through the electronic media in future.