High Value Cheques

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.

Categorized as Misc

By Raju Alluri

Blogging on my personal site since 2006, I try to cover both personal and work related events and thoughts in this blog. You can reach me on Instagram, Facebook or Twitter.

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