document.writeln("

NCR to run cheque truncation pilot project
Mumbai: NCR Corporation, a payment solutions business provider, has said that it has been selected for implementing the RBI's pilot project on image-based cheque clearing.

The project is likely to commence in July and will cover 2,500 branches of 83 banks in New Delhi and its outskirts. The project is expected to be ready by the first quarter of next year.

The image-based cheque clearing process requires a scanner at the cheque accepting point, be it the ATM or the branch and an archival system to store the image of the cheque. The scanner captures the image of the cheque and this image is sent for clearing, instead of the physical cheque.

The system ensures secure and faster clearing at reduced cost. The NCR solution will have three different components. Apart from providing the ability to capture the image of the cheque and sending it to the clearing house, the system will also act as the clearing house and also provide the facility to store images.

According to the company, from the customer point of view, image-based cheque clearing scores over RTGS, because "banks usually encourage Real Time Gross Settlement only for high value transactions, as the cost per transaction is higher, while image-based clearing can be used for small value cheques as well.
Back to News Review index page  

Karur Vysya aims at Rs5,500 crore in advances
Chennai: Karur Vysya Bank (KVB) has set a target of Rs5,500 crore for advances during the current year. Last year, the bank's advances stood at Rs4,619 crore.

The bank has said that it expects a lower hit from treasury operations, a Rs30 crore charge to the profits from depreciation in market value of investments, against Rs67 crore last year.

The bank has also announced a tie-up with Visa International under which any Visa cardholder would be able to draw funds from any of the bank's ATMs.

KVB lent about Rs150 crore last year under `warehouse receipt financing', but expects a jump this year on account of its alliance with the National Collateral Management Services Ltd, a sister concern of the National Commodity and Derivatives Exchange.

Karur Vysya Bank expects deposits to grow to Rs8,000 crore, from Rs6,600 crore last year. The bank had networked about 95 per cent of its operations, which would lead to a rise in deposits.
Back to News Review index page  

State Bank of Patiala's launches new services
New Delhi: To enhance its customer service standards, the State Bank of Patiala is launching two new business process re-engineering initiatives, Grahak Mitra and Drop Box.

Grahak Mitra personnel will be stationed at branches to provide the customers first level information about the products of the bank and also educate them to migrate to alternate channels. It will also ensure that the customers are immediately attended to.

Drop Box will provide hassle-free cheque tendering services to customers.
Back to News Review index page