Banks told to network their branches, improve cheque-clearing operations
Raghu Mohan
Mumbai, Dec 28: The Reserve Bank of India (RBI) has directed banks to network their branches in important centres and streamline their cheque clearing operations on a priority basis. The Reserve Bank communication follows the findings of Dunn & Bradstreet Marketing Research Pvt Ltd in its survey on the collection of outstation instruments by banks. "It is neccessary for banks to again have a closer look at the systems and procedures followed at their branches so as to tackle the delays in the collection of outstation cheques," says the Reserve Bank in its recent communique to banks.Dunn & Bradstreet Marketing Research Pvt Ltd had been appointed by the Reserve Bank in 1996 to survey the collection of outstation instruments in banks. The survey was done in New Delhi and Mumbai in selected bank branches. According to the survey, such collections by banks at their branches are being unduly delayed. It has cited four major areas of concern. These are as follows: p Most of the branches are not affording
immediate credit for cheques up to Rs 5,000. p In the four metros having MICR cheque clearing facilities, majority of the banks' branches have not afforded credit for outstation cheques up to Rs 10,000 within a week. p In state capitals and centres with more than 100 bank offices, credit to customer's account was not given within 10 days in a number of cases.p Some of the delays are systematic which occur at branches whereas others are transit delays. The survey has also pointed out that the collection procedure - consisting of registeration, despatch, receipt of realisation advice and crediting the customers accounts - takes 24 days on an all-India average. In the light of the findings of the survey, the central bank has reiterated its stance that commercial banks should bestow special attention to this area of customer service and meticulously follow all RBI instructions in this regard. The Reserve Bank has also asked banks to follow some "additional measures" to reduce the time taken for realisation
of cheques. The addtional measures include: Cheques drawn on MICR centres should be presented through national clearing cell; Extensive use should be made of modern telecommunications technology for networking service branches in important centres and between service branches and other branches within a particular centre; The concept of quick and fast collection service for outstation instruments should be streamlined; and Separate registers are to be maintained for local and outstation cheques. This is to enable branch managers to have better supervisory control and facilitate the initiation of remedial measures to speed up the collection of such outstation instruments.The internal inspection teams of banks will now have to verify the implementation of the measures as "this is a singular feature having a direct bearing on rendering improved customer service", says the Reserve Bank. It has also directed banks to "display" information to customers about the facilities available
at the branches.
Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.
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