Tricity
Mohali: SBI fined for cheque dishonour despite availability of funds
A commission found that the account held enough funds when the cheque was presented, leading to a fine on SBI.
Mohali – A local commission has imposed a penalty on State Bank of India after determining that a cheque was dishonoured despite the account holding enough funds.
The complainant submitted the relevant bank statement showing a balance that covered the cheque amount at the time it was presented. The commission reviewed the document and concluded that the bank’s decision to reject the cheque was unjustified, resulting in a fine being levied on SBI.
The order reflects growing scrutiny over how banks handle cheque transactions, especially in cases where funds are demonstrably available. It underscores the need for financial institutions to ensure accurate processing and verification before denying cheques.
The incident serves as a reminder to customers about the importance of confirming transaction status and highlights the necessity for banks to uphold precise cheque handling procedures.
Source: Hindustan Times
