The Reserve Bank of India (RBI) has authorised co-operative banks to collect account-payee cheques from co-operative credit societies provided the payees are constituents of the credit cooperatives.
This is being done to ease the difficulties faced by co-operative credit societies that are not even sub-members of clearing houses, RBI said in a release.
Members of such co-operative credit societies who do not have bank accounts face difficulties in collection of account payee cheques drawn in their name.
Cooperative banks may consider collecting account payee cheques drawn for an amount not exceeding Rs50,000 to the account of their customers who are co-operative credit societies, if the payees of such cheques are the constituents of such co-operative credit societies, RBI clarified..