Round off all transactions to nearest rupee: RBI to NBFCs

Tags: News
The RBI has directed non-banking financial companies (NBFCs) to round off all transactions to the nearest rupee so as to avoid unnecessary discomfort to public.

"In order to obviate unnecessary discomfort to the public and also to align with the prevalent practice as applicable to banks, NBFCs are advised that all transactions, including payment of interest on deposits/ charging of interest on advances, should be rounded off to the nearest rupee," RBI said in a notification.

The RBI said it was brought to its notice that some NBFCs were carrying out such transactions without rounding off to the nearest rupee.

However, NBFCs should ensure that cheques/ drafts issued by clients containing fractions of a rupee should not be rejected by them, RBI added.

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