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If the cheque is of a big amount, or it looks suspicious, banks are now required to alert the customer through a phone call and get confirmation from the payer or the recipient. In case of non-home branch cheques, the bank will contact the home branch to confirm the details of the account holder.

Banks also have to send an SMS alert to the payer or the recipient when cheques are received in clearing.

Besides this, the RBI has reiterated that banks should only use cheque truncation system (CTS 2010) compliant cheques. Cheques beyond a threshold of 2 lakh will have to be examined under ultraviolet lamp and cheques above 5 lakh will be checked at multiple levels.

If you have opened a new account with a bank, any transaction—credit or debit—will be closely monitored, depending on your risk categorization. The RBI has also asked banks to review and strengthen the controls in the cheque presenting or passing and account monitoring processes.

Banks will have to ensure that the beneficiary, too, is know-your-customer (KYC) compliant. Banks have been asked to strengthen the infrastructure at the cheque handling service branches and give special attention to the quality of equipment and personnel posted for CTS-based clearing, so that it is not merely a mechanical process.

While the central bank has asked banks to ensure that all procedural guidelines including preventive measures are followed meticulously, it has given some leeway in case it is not feasible that all the guidelines are followed.

WHAT TO EXPECT?

There have been cases where even though the original cheques were in the custody of the customer, cheques with the same series were presented and encashed by fraudsters. The central bank feels that cases of cheque fraud can be avoided if due diligence is done at the time of handling or processing the cheques and by monitoring newly opened accounts.

Generally, cheques are not cleared during the bank’s business hours. Some banks clear cheques collected through the day between 10 pm and 3 am, while some do it any time after 3:30 pm or 6 pm. What this means is that the customers are likely to get alerts late at night, depending on the clearing time of the bank. Some bankers are not in favour of alerting customers as the process of sending SMSs or calling would require a lot of resources. Also, alerts in the middle of the night are an inconvenience for customers.