|
Sarkaritel.com News and
Features-Corporate News
PNB Operationalises Cheque Truncation System in NCR
New Delhi, February 08, 2008
Punjab National Bank has started Cheque Truncation System
in National Capital Region (New Delhi). Reserve Bank of India
initiated steps for implementing Cheque Truncation System in
NCR, New Delhi and ten pilot banks including PNB joined the
project. The system has gone live in ten branches of PNB
namely BO: Gurdwara Road, Rajendra Place, Parliament Street,
N-46 Connaught Place, N-86 Connaught Place, Fire Station
Rajinder Nagar, ECE House, Janpath, Minto Road and Tropical
Building New Delhi and by 31.03.2008, it is likely to be made
live in all the branches in NCR (Delhi) area. Under the Cheque
Truncation System image/s of the instrument and the
corresponding data contained in MICR line will be captured and
used for settlement amongst banks and payment of cheques.
With Punjab National Bank deciding to truncate the cheques
at branch level, the customer depositing a cheque for local
collection in the late hours i.e. upto 5.00 p.m. also will be
able to use the proceeds of the cheque on the afternoon of
next day after return session is over at 2.00 p.m. Later on,
with multiple clearing sessions taking place in a day, the
funds may be available to customers on the day of deposit of
cheque also. In the present MICR based clearing, while credit
gets afforded to the account of the presenting customer on the
second working day, proceeds are generally available to the
depositor of a cheque payable locally (intra-city) on the
third working day for use / disposal.
Other banks shall be joining shortly and the system shall
be replicated at other cities also. Inter city collection /
clearance of cheques is also expected to be brought under the
Cheque Truncation System which will enable reduce collection
time significantly.
E-Mail :
newseditor@sarkaritel.com
|
