New Delhi, Dec. 6 (PTI): The Reserve Bank of India today told the apex consumer commission that steps would be taken to ensure that cheques get cleared within 24 hours of their presentation to bring down consumers’ losses.

In an affidavit filed before the National Consumer Disputes Redressal Commission, the RBI said: “Before the end of March, 2007, necessary action would be taken so that delay in clearing cheques would be minimum and in any case not more than 24 hours.”

Taking the affidavit into record, the commission bench of Justice M.B. Shah and member Rajyalakshmi Rao directed the RBI to publish the steps already taken and those that have been contemplated so that consumers are aware of their rights.

The commission also asked the RBI to post the information on the Internet so that aggrieved consumers can draw the attention of respective banks in case of delay in clearance.

The commission was hearing a complaint filed by a person named Atul Nanda, who alleged that deliberate delay — which amounted to malpractice — by banks in clearing cheques cause losses of more than Rs 600 crore every day to consumers.

Earlier, the bench had sought a response from the RBI on whether its guidelines were being followed by banks.