BHOPAL: Modi Sarkar might be telling the people ad nauseam to go cashless but cheques – one of the oldest and commonest means of cashless transactions – are taking more than ten days to get cleared.
This situation has been created post-demonetisation. Apparently, the overworked banking system is unable to process the cheques with requisite speed.
However, officials of Central Bank of India, which handles clearance of cheques in the city, said that the instruments are being cleared within two or three days.
Thanks to delays in processing of cheques, people now prefer using others modes of funds transfer including RTGS, NEFT and IMAP. Advocate Harish Mehta said, “Clearance of cheques is taking a minimum of one week”. Mehta, who is the election officer for the District Bar Association elections, said that they would prefer that the candidates pay the requisite fees in cash. In extreme cases, funds transferred through electronic means would be accepted”.
Also, the banks are not processing loan applications, contributing to a general slowdown of the economy.
Manoj Singh said, “My application for vehicle loan is pending for more than a month now. I had booked the vehicle before November 8 and now I am waiting for the processing of my application. Every time I visit the branch, I am told that the officials are too busy handling deposits and withdrawals to find time to deal with loan requests.
However, Central Bank of India GM (Field) Ajay Vyas said, “It is not true. Banks are hardly taking two to three days in clearing cheques. We are concentrating on streamlining the system and early disposal of cheques is one of our priorities”.
