Submitted by: Dinesh K Sharma
Complaint Details:
There are no clear instructions for institutions like Medical Colleges etc dealing in public money on how to treat a cheque and a pay order. In both cases electronic clearing is required which takes 2 to 3 days for credit posting in payees account. If so the what is use of system of having drafts system wherein as a customer we end up paying bank commission charges as extra wasteful burden. Why not RBI considers doing away with bank draft system if the payee has no trust and there exists no system of on the spot clearance.
In my case Medical College Aurangabad Maharashtra refused to clear certain documents for want of posting of credit in their SBI Branch at Aurangabad account against pay order of Bank of India at Aurangabad. I paid huge bank commission charges to get the Pay order made. I could easily give my savings bank cheque which did not entail any bank commission charges:.also this would have been cleared in 2 to 3 days time No clear policy on treatment of Bank draft as a secured / unquestionable instrument of payment has resulted in a lot harassment and financial hardship. Can RBI help me in getting back Bank commission charges due to no clear policy on treatment of Draft and a cheque payment.