.........Recently, the Reserve Bank of India (RBI) suggested banks disincentivise usage of cheques. RBI suggested measures such as setting limits, levying charges on issue of cheque books to account holders or levying charges on cheque usage, both by the issuer and beneficiary. However, given that frauds still happen, is this shift feasible or even desirable? More importantly, what are the precautions that customers and banks should take to ensure security?.............
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