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New system of cheque clearing causing trouble
Published on 1 Jul. 2010 11:24 PM IST
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A new system of cheque clearing under which scanned copies of cheques are transmitted by collecting banks to drawee banks instead of sending them physically is causing a lot of trouble to the customers, alleges a Right To Information (RTI) applicant.
“Many a time, cheques are returned ‘unpaid’ to customers while drawers’ accounts are debited on basis of scanned copies of cheques. This leaves the transit amount held in suspense by the collecting banks without crediting to the customers’ accounts,” RTI activist Subhash Chandra Agarwal said.
“RBI should restore the earlier practice of physically transmitting cheques rather than clearing through their scanned copies,” he said.
“An inside report reveals that many private banks like ICICI in Delhi alone has about Rs.100 crore deposited in its suspense account for the system’s fault. RBI, being the monitoring central bank for the country for all private and public sector banks, should have furnished reply after seeking clarification from ICICI bank,” Agarwal added.

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