In relief to bank customers, the Reserve Bank has asked banks to compensate them for delay in clearance of local cheques. The Central bank in it's directive has said; in case, no rate is specified in the Cheque Collection Policies , CCP for delay in realisation of local cheques, compensation at savings bank interest rate shall be paid for the corresponding period of delay.It also advised banks to reframe their CCPs specifying details regarding timeline for clearance of local cheques and compensation for delay and display them on their websites.