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 DCCBANK Bank's Current Account with RBI, but not received by DCCBANK 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.