Respected Members,
My friend have issued post dated chques to Financial institute towards repayment of vehicle loan. Upto Last EMI, every month amount has been debited to his account against relevant cheque very regularly, but, last EMI cheque was return back to Financial institute by his banker, with remark Signature Mismatch.
1) Whether it was not necessary for banker to inform customer, before sending back the cheque to financial institution, as it was reflecting regularly for last couple of months with same amount in the bank account.
2) Financial institute noramally send the cheque for clearing in the first week of month, but, they sent these last EMI in the last week, which was bounce back due to signature mismatch and effectively repayment of last EMI will be done in the next month. Whether financial institute, can ask for any penalty.
3) With whom original cheque will be available, as my friend, even suspect that, there must be over wrighting on his signature, during cheque clearance process, resulting into signature mismatch, as during last 3 years banking with same banker, none of the cheque has been bounce for these reason.
3) As per RBI guidelines, what is the standard procedure in this type of cases of signature mismatch and cheque getting returned, despite of sufficient funds in account.
Please guide
Thanks
Mahesh
