a savings Bank account holder Mr remesh sawant represent to the ICICI Bank that a debet entry of Rs 30,000 made on 14.5.2020 is irregular. accounting to him the entry represents a cheque which was drawn for Rs 3000 and sent by ordinary post to the payee Mr Rohan more ( account holder in HDFC bank) who did not receive the cheque it is there fore presumed that the cheque was stolen the particular there on axis bank in clearing for the account of Suresh chavan. the ICICI Bank after equities doubted that there was a fraud and informs the account holder Ramesh sawant that the subject cheque was drawn for Rs 30,000.the paying bank said that it was satisfied and that the payment was made in normal course of business and called upon the bank to made good the amount to avoid legal action against the bank . please make a detailed analysis of the incident and give your opinion on this case from the legal point of negotiable instrument act 1818
1. paying bank's responsibilities
2. collecting bank's responsibilities
3. legal position of Ramesh sawant, Rohan more,and Suresh chavan
