Legal Question in Banking Law in India
I have taken a loan from my native place in Kerala from a Cooperative Bank for which i have given PDCs of Nationalised Bank in Mumbai Bank. Since the both the bank branches in the same bldg. and they present the cheque and clear the same on the same day. Please let me know whether it is legal i.e. outstantion cheques can be cleared on the same day?
Asked on 5/20/15, 11:26 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
21.06.2015
Dear Sir / Madam,
Yes, it is perfectly legal. Although you have taken the loan from the Bank in Kerala, but if you have given local Mumbai Post Dated Cheques (PDCs) to the Bank in settlement thereof, and if the Kerala Bank has a local Branch in Mumbai, the clearing being local, can occur the same day.
Regards,
Answered on 5/21/15, 2:29 am
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