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.

“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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