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Company News
E-cheque clearing from today
Thursday - 29th December, 2011 | www.ekantipur.com |
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Nepal Clearing House Limited (NCHL) is all set to start the electronic cheque clearing (ECC) system from Thursday.
The service, first-of-its-king in the country, is expected to bring down the time required for settling cheques to a few hours from up to two days.
However, some bankers have expressed reservation over the 'high' charge that they are required to pay for the service.
NCHL CEO Neelesh Man Singh Pradhan said the company will entertain only foreign currency cheques in the first phase so as to avoid any operational risk due to high volume in initial days. The company will start clearing domestic currency cheques after a week.
At present, inter-bank cheques are cleared manually, under which financial institutions (presenting banks) collect cheques of other institutions (paying banks) and forward them to NRB for settlement. The process takes up to two days.
But after the implementation of ECC, presenting banks will scan cheques and send them to NCHL, which will then forward them to paying banks.
The paying banks, after verifying signature and other details, will send back the cheques to NHLC, which will then forward them to NRB for final settlement. According to NHLC, the entire process is completed in real time. |
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