Value of cheque transactions declines
Total value of transactions through cheques across the country amounted to Rs 8.17 lakh crore in December 2011, down 6.4 per cent compared to the same month last year.
Banks cleared cheques worth Rs 8.74 lakh crore in December 2010, according to the Reserve Bank of India (RBI).
The number of cheques cleared by banks in December was also down at 10.71 crore in the month last year against over 11.94 crore in December, 2010.
The figures are in line with the trend of decline in cheque transactions during the past few years with the growth of electronic transfer medium, according to experts.
During the April-December period, total value of transactions through cheques stood at Rs 73.45 lakh crore, against Rs 75.07 lakh crore in the same period a year ago.
A total of 99.53 crore cheques were cleared by banks during the first nine months of the current fiscal, a decline of almost 4.1 per cent from 103.81 crore in the April-December period a year ago.
In December, the Mumbai region reported the highest number of cheque clearances, as well as the maximum transaction value for any zone.
Banks in the Mumbai region cleared 2.05 crore cheques, with total value of over Rs 1.49 lakh crore, in December.
In the Delhi region, banks cleared 1.34 crore cheques, with a total value of over Rs 1.20 lakh crore in the month.
The Bangalore region stood third, with banks reporting a total of 55 lakh cheque clearances worth over Rs 43,300 crore.
The trend in cheque transactions so far this fiscal is in line with the last year's.
The value of cheque transactions in the country declined by 2.6 per cent year-on-year to Rs 101.33 lakh crore in 2010-11. Delhi and Bangalore were the only major centres to report a rise in the value of clearances last fiscal.
SOURCE: financialexpress.com
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