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Tamil Nadu
Chamber pleads for a cheque clearing house
Staff Reporter
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At Aranthangi for expeditious encashment
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Daily transaction of estimated 600 traders is about Rs.1.5 crore Delay by a week’s time to clear cheques impede commercial growth
ARANTHANGI: The Aranthangi Chamber of Commerce has urged the Indian Overseas Bank, the Lead Bank for the district, to initiate action for setting up a cheque clearing house at Aranthangi for facilitating expeditious encashment of cheques by traders of this town.
Memorandum
In a memorandum to the Lead Bank Manager of the Indian Overseas Bank, Pudukottai, the president of the Chamber L. Kailasanathan said that Aranthangi was the second biggest town in the district, accounting for a huge volume of business.
The fact that three commercial banks and six private banks had opened their branches in Aranthangi testified to the prospects of commercial importance of this town.
The daily transactions of an estimated 600 traders in Aranthangi stood at about Rs.1.5 crore.
Week’s time
The present system of clearing of cheques involved at least a week’s time. It impeded the commercial growth and economic development in the town.
Hard hit
Businessmen are hard hit in the absence of revolving funds and are constrained to go in for short-duration debts.
Realising the hardship of the traders, the State Bank of India had opened a clearing house in Tiruchi City about a year ago, the memorandum said. It urged the Lead Bank authorities to initiate immediate action in this regard.
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