Online edition of India's National Newspaper
Wednesday, Sep 26, 2007
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Online edition of India's National Newspaper Wednesday, Sep 26, 2007 ePaper |
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Tamil Nadu
KANCHEEPURAM: The Reserve Bank of India’s decision to wind up cheque clearing facility at Kancheepuram and merge the same with Chennai cheque clearing circle has evoked sharp criticism from traders, businessmen and bank employees unions. Enquiries reveal that the State Bank of India, Kancheepuram (Main) branch acts as the cheque clearing agency and a total of 24 different bank branches functioning in and around the town are utilising this service. From November 1 this year, this facility will be closed and all cheques, including local clearing cheques, will be sent to Chennai for processing. On an average, 1,000 to 1,500 local cheques are presented for clearance during working days and the fate of cheques would be decided by the same day at around 3 p.m. Thus, customers would get the funds deposited in their account the same day and could use the amount the very next day, according to Sundaram, president, All India Bank Daily Deposits Collectors Association. With the merging of Kancheepuram clearing facility with Chennai, it would take at least three days to get cheques, including local cheques, cleared, he said. Kanchipuram Handloom Silk and Lace Saree Manufacturers Association president Y.M.Narayanasamy urged the RBI to reconsider its decision for the benefit of traders and businessmen. Meanwhile, a section of bankers have claimed that merging of Kancheepuram clearing facility with Chennai would help realisation of funds with regard to Chennai-based bank cheques within one day. However, they admitted that number of out station cheques presented for clearance with SBI, Kancheepuram, was just around five per cent of total cheques presented for clearance on any given day. This was because almost all the major business houses/trading institutions, having their headquarters outside Kancheepuram, have opened bank accounts at Kancheepuram to get the cheques presented by local traders cleared through local clearing. The funds realised through local clearing would later be transferred to the headquarters on weekly or fortnightly basis, they added.
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