Bahrain banks told to replace old cheques
Manama, April 22, 2014
The Central Bank of Bahrain (CBB) has directed retail banks to expedite replacing their customers’ old design cheques with new cheques which contain new standards and specifications.
The directive is in line with the cheque clearing process which is done via the Bahrain Cheque Truncation System which commenced operation in May 2012. This is considered faster and safer for customers and cheques can be cleared the same day, provided the cheque is deposited before 11:30 am on a working day. Therefore, using old design cheques would result in a delay in cheque clearing.
Furthermore, Ahmed Buhijji, director of banking services, stressed the importance of cooperation of retail banks with their customers in replacing old design cheques with new design cheques to achieve speed in cheque clearing and protection for customers. - TradeArabia News Service