Cheque bounce across board carry heavy fines for the customer. This is the real life situation, where customer needs help from the bank. He / she anyways will have legal liability from payee’s perspective.
Interestingly, similar situation through digital processes like IMPS, NEFT do not carry any charge.
It’s time to change this approach and help the customer by:
– Giving customers instant loans for fulfilling the obligation based on credit analysis by bank. This process can be handled thru Digital process.
– Removing this fine atleast for first few cases
Time to rethink banking from customer’s perspective…