Andhra Pradesh - Guntur   

Move to shift cheque-clearing house opposed

Staff Reporter

Small businesses to suffer says chamber president

GUNTUR : The Guntur Chamber of Commerce has opposed the proposed shifting of the cheques clearing house from Guntur to Vijayawada allegedly on a directive from the Reserve Bank of India that all banks within 50 k.m. of a particular centre must be clubbed.

The chamber president Athukuru Anjaneyulu at a press conference on Thursday said it had submitted a memorandum to the State Bank of India here and to the Hyderabad office demanding retaining of the clearing house at Nagarampalem in Guntur.

The district has several high-value cheques coming in for the chilli, cotton and tobacco merchants and would lose huge amounts in the form of interests. Payments would get delayed by two additional days, he said.

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