TNSC Bank is a member of National Clearing Cell, Reserve Bank of India, Chennai – 600 002. An average of 3500 instruments were received in clearing daily and almost equal number of instruments had been sent daily in outward clearing. Presentation of cheques in High Value Clearing received from Central Coop. Banks and from branches drawn on select branches of banks in Chennai were utilized by TNSC Bank, so as to invest the funds in Call Money Market on the same day. Some of the Central Coop. Banks had started utilizing the Regional Grid Centre facility, by depositing their Chennai cheques, in the selected centres approved by RBI.
Electronic Clearing Cell
In addition to the ECS Credit / Debit System, RBI had introduced Electronic Funds Transfer (EFT) between Metros for inter bank and intra-bank / branches funds transfer upto Rs.5.00 lakhs. This reduces the delay in transmitting DDs from one place to another place and by the new system, the amount would be credited to the beneficiary’s account on the same day or on the second day.
National Clearing Cell
RBI, NCC has made one more improvement by introducing Imaging Technology in MICR Clearing Transaction. This will enable the member banks to identify the drawer of missing cheques, which were debited in TNSC Bank’s Current Account with RBI, but not received by TNSC Bank to pass on the debit to the customer’s account. The new technology is very useful to avoid the accumulation of receivables from other Banks. National Clearing facility, in addition to the Metropolitan Cities, has been extended to other major cities, viz., Bangalore, Hyderabad and Ahmedabad during the year under report.