alleryA bank may collect an account payee cheque only for the:
APayer constituent
BPaying constituent
CPartner constituent
DPayee constituent
Answer & Solution
Correct answer: D. Payee constituent
1. The rule has one narrow exception for credit societies.
2. Otherwise the cheque cannot be collected for a third party.
3. It goes only to the payee constituent.
_Source: Reserve Bank of India (Commercial Banks - Know Your Customer) Directions, 2025_
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