The Reserve Bank of India has asked all non-banking financial
companies (NBFCs) to gradually phase out use of cheques and shift
to electronic payment systems, as part of its green initiative.
The Reserve Bank of India said in a statement, “The Government
of India has suggested that steps be taken by entities in financial
sector, including NBFCs to help better utilisation of their
resources and also better delivery of services.
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“NBFCs are therefore, requested to take proactive steps in this
regard by increasing the use of electronic payment systems,
elimination of post-dated cheques and gradual phase-out of cheques
in their day to day business transactions.”
These will result in more cost-effective transactions and faster
and accurate settlements, the Reserve Bank of India added.
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By GlobalData
