With banks introducing drop-box facilities, depositing a cheque has certainly become easy. However, if a bank misplaces the cheque or loses it before it is entered into their computer or ledger (with fans running at full speed, sometimes you see cheques flying), and denies ever having received the cheque, then the issue becomes complicated. (Of course, since the decision to put drop boxes is that of the bank, the bank has to take responsibility for the consumer not having an acknowledgement or proof of having paid the cheque and has to go by the consumer’s word on it).

Consumers feel that at least for cheques of larger denominations, the bank should give an acknowledgement of having received it. Or they must come out with a computerised system that gives the consumer some kind of a receipt. Or, for the time being, even a simple arrangement like keeping the bank’s seal next to the drop box would suffice. When the drop boxes were first introduced, some banks did just that, so that customers themselves would put the seal on the counterfoil, after dropping the cheque. This was, however, discontinued.

What bank depositors do not know (and banks thrive on that ignorance) however is that the banking regulator, the Reserve Bank of India, has clearly said that (a) customers should not be compelled to drop cheques in “drop boxes” (b) consumers should be given the option of either dropping the cheques in the drop box or tendering it at the counters and getting an acknowledgement and (c) consumers should be made aware of this option so that they can make an informed choice.

The RBI, in its letter dated December 18, 2006, addressed to all scheduled commercial banks and that of December 28, 2006, addressed to all primary urban cooperative banks, says that the RBI and the banking ombudsmen have been receiving complaints that many bank branches are not accepting cheques at the counters and are compelling customers to drop the cheques in the cheque drop box. Banks are therefore advised to display on the cheque drop box itself that “customers can also tender the cheques at the counter and obtain acknowledgement on the pay-in-slips”. And this message may be displayed in English, Hindi and the regional language, it says.

So remember, you have every right to demand acknowledgement of your having tendered a cheque or a draft. And the banks cannot deny that to you. And if you find any bank not following the RBI instructions on this issue, complain to the regulator.