High Value Cheques

13 May

India’s banking industry practice of considering any cheque more than 1Lakh (about $2000 US) as high value check will soon be gone. Faster clearing of checks through electronic means is going to be a routine activity.

Even though this looks like a big step, the necessary background is being prepared for a while. All the banks I know of are issuing checkbooks (for the last year or so) with a 11 digit NEFT (National Electronic Fund Transfer) number on each check. Using these numbers, the check clearance is going to be faster across the banking network within India.

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