Regulatory Alerts2013-12-30 | General Direction No. 03/2013General Direction No. 03 of 2013 - Service Norms and Standard Times for Accepting Cheque Deposits and Crediting Cheque Proceeds
The Monetary Board of the Central Bank of Sri Lanka issued General Direction No. 03 of 2013 to establish mandatory service norms for all Participating Institutions in the Cheque Imaging and Truncation System. The directive requires institutions to adhere to a 3.00 p.m. cut-off time for cheque collection and to credit cleared proceeds to customer accounts by 2.30 p.m. on the day inward return data is received. Additionally, institutions must publicly disclose these procedures and times, establish grievance handling mechanisms, and periodically review arrangements to improve processing efficiency.
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