RBI makes “SMS alerts for cheques mandatory”

RBI took another step towards secure banking. As the cases of fraud transaction is increasing day by day RBI said in a circular to all banks to make it mendatory to send SMS . on every deposit and withdrawal of cheques. Instead of just taking it as a process banks should be alert for cheque transactions due to increasing misuse of cheque transactions. RBI also give special advice to banks for taking appropriate measures that ensures that all the confidential information of cheque such as customer account number/ name / signature/ serial number and any of the other information’s should not be misused from any end, not from bank side or from vendors ( couriers, printers) side.

The key points on which RBI focuses the most in its circular to all banks are:

  • An SMS will be send on mobile on every deposited cheque
  • When cheque get cleared again a SMS will be send on mobile
  • SMS will be send to both, cheque giver & receiver.
  • Cheques above 2 lakh will be scanned under ultraviolent lamp, this will highlight if there is any tempering.
  • Cheques above 5 lakh will be undergone through several scanning process.

Earlier SMS was mandatory for only ATM transactions but now when the fraud cases is increasing day by day, RBI took a very wise decision of taking initiative in such path to make banking more safe as it was earlier.

Author: Anand Kewaliya