With a view to improving customer services and speeding up fund transfer, the Reserve Bank today asked all CBS (core banking solutions)-enabled banks to issue multi-city cheques to all eligible customers and refrain from levying clearing charges on them. "... All CBS enabled banks are hereby advised to issue only 'payable at par'/'multi-city' CTS 2010 Standard cheques to all eligible customers," RBI said in a notification. A 'payable at par' or 'multi-city' cheque of a bank can be cleared by any branch of the same bank in the country. The process has significantly reduced the outstation cheque clearance time........
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