Srinagar, July 24: In view of the prevailing situations in the Valley, cheques amounting to tens of crores of rupees had remained pending for want of clearance in the Valley. On the directions of the Reserve Bank of India, however, the clearing house has cleared all these instruments giving much respite to the beneficiaries, sources said.
 Customers of various banks had earlier alleged that due to reluctance of nationalized banks including State Bank of India, Punjab National Bank and Canara Bank, to clear inter-bank instruments, cheques worth tens of crores of rupees had remained pending for past several days.
 The customers facing problems had alleged that the situation had almost become akin to 1990s when the nationalized banks closed their branches in Kashmir leaving their customers in lurch.
 Sources told Greater Kashmir that around 5000 cheques amounting to tens of crores of rupees had remained pending for clearance with the clearing house in Kashmir for several weeks together.
 The clearing house, they said, had last met on June 23 to clear inter-bank cheques. “However, since then, nationalized banks and other new generation private sector banks had not participated in the clearing house meet here and had in fact refused to clear cheques on the pretext of shutdowns,” sources said.
 However, sources said, on appraisal the Reserve Bank of India directed these banks to participate in the clearing house.
 “The RBI directed every bank to clear all the pending cheques, so that the beneficiaries are given credit in their accounts immediately. It is in this backdrop that clearing house met here the other day and cleared all backlog cheques,” they said.

Lastupdate on : Sat, 24 Jul 2010 21:30:00 Mecca time
Lastupdate on : Sat, 24 Jul 2010 18:30:00 GMT
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