Instant coffee, instant nirvana, instant entertainment, instant information…time is the singlebiggest factor in this "instant" world we live in. So how could banking stay unaffected? After anytime money and Internet banking, we now have instant cheque clearance.
Until recently, it would take at least three days, going up to an average of 15 days, to clear a cheque. Then there were hassles like missing cheques or clearing related frauds. According to a public interest litigation filed by Delhi-based lawyer, Atul Nanda, last year, banks in India were "illegally" availing of thousands of crores of consumers' money as a free fund float. The complaint, which ran into more than 700 pages, set out that that in a year about 13,000 lakh cheques are transacted. On this amount, on a daily basis, banks earn about Rs 620 crore by delaying the credit of cheques deposited. On an average a bank enjoys five days float, which amounts to Rs 3,500 crore. This is money that customers would otherwise have earned by way of interest.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment