In an landmark judgement by National Consumer Disputes Redressal Commission, New Delhi for the consumer complaint No:82 of 2006(Atul Nanda & Anr. Vs Reserve Bank of India & Ors.) on 27.08.2008 the bench consisting of Chairman M.B. Shah and members Rajyalakshmi Rao and K.S. Guptae directed to banks that the local cheques should be cleared within 24 hours.
If implemented properly this will help ICICI and HDFC credit card customers like me, since most of them are making repayment through cheques after bank started to charge a Rs.100/Rs.50 for cash payments. Till now if we make repayment through cheque there is no surety that when it will be credited to our account. Now atleast we can talk to the customer care reps that it is their responsibility to credit the cheques within 24 hours.
Detailed judgement is available in the NCDRC website.