The Reserve Bank of India (RBI) has made it compulsory to incorporate purchaser’s name on the face of payment instrumentalities like demand draft, pay order, banker’s cheques and other instruments to prevent money laundering.
It has been done in order to address the concerns arising out of the anonymity and to prevent money laundering. The RBI issued a notification in Mumbai to this effect to the banks. This directive will come into effect from 15th of September 2018.
Source- The Quint
Static/Current Takeaways Important for SBI PO/Clerk Exam 2018-
- Urjit Patel- 24th Governor of RBI, Headquarters- Mumbai, Established on- 1st April 1935, in Kolkata.