On Apr. 12, AGO CB announced discontinuation of issue, acceptance.
AGO CB issued announcement on the discontinuation of issuing and accepting checks.
Overview
Use of checks in AGO payment system has been showing significant reductions due to preferring modern payment instruments such MCX Express, RUPE, instant transfers.
Issuance and acceptance of interbank checks will be discontinued on Dec. 31, 2024, from an issuance point of view and Dec. 31, 2025, from an acceptance point of view.
Aim to mitigate risk level that aforementioned instrument transmits to AGO payment system, its high production cost and need for large investments to renew the system.
