Hi Kanchan,
Cheque truncation system is used everywhere in India now. Truncation
essentially means truncation of use of paper cheque in the workflow. Scanned
image of the cheque is used for the entire workflow after it is received
from the depositor by the drawee bank.
Following link will give you an idea about the process. Content of this page
were written after CTS was first rolled out in 2008 in NCR, but the process
would be the same anyway.
http://www.banknetindia.com/banking/chqtruncationb.htm
Thanks.
Alok
----- Original Message -----
From: "Kanchan Pamnani" <[email protected]>
To: <[email protected]>
Sent: Monday, March 10, 2014 2:00 PM
Subject: [AI] Banking-cheques
I am trying to find out how a cheque is cleared nowadays.
What used to happen was
1. I issued a cheque and handed it over to the payee.
2. The payee then used to present it to his Branch.
3. Then it went to the RBI for sorting
4. The cheque then came back to my branch for verification of signature
and balance etc.
5. If my branch cleared it then the payee got a credit otherwise the
cheque was considered as dishonoured.
6. The intervention was at my branch and I could keep my branch informed
about the fact that I had issued such a cheque. Knowing that their
customer was visually impaired my branch would clear my cheque if the
signature mismatched a little.
Now with core banking and with a central claring system and with trunketed
cheques please help by sending me a detailed step by step procedure of how
a cheque is cleared and where can we have the verification by the bank
manager.
I have always said that rules and regulations have to change with time. So
maybe now it is time to add to the RBI Circular and Indian Bank
Association's guidelines of 2008.
Kanchan Pamnani
Advocate & Solicitor
9, Suleman Chambers,
Battery Street, Colaba,
Mumbai - 400 039.
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