The central
bank has introduced Cheque Standards and Specifications guidelines to bring
uniformity in cheques issued by the banks and financial institutions.
For electronic cheque clearance system to work effectively, cheques issued by different banks and financial institutions need to be uniform.
And the central bank has amended the cheque specifications to suit electronic cheque clearance (ECC).
Nepal Clearing House Ltd (NCHL) has already started operations from February, providing automated cheque clearing service which used to earlier be performed manually at the central bank. Moreover, the amended specifications will also strengthen the security features of the cheques to avoid any instances of fraud.
For electronic cheque clearance system to work effectively, cheques issued by different banks and financial institutions need to be uniform.
And the central bank has amended the cheque specifications to suit electronic cheque clearance (ECC).
Nepal Clearing House Ltd (NCHL) has already started operations from February, providing automated cheque clearing service which used to earlier be performed manually at the central bank. Moreover, the amended specifications will also strengthen the security features of the cheques to avoid any instances of fraud.
Membership
of Nepal Clearing House Ltd (NCHL) — that has started clearing cheques
electronically — has crossed 50, with Nepal Rastra Bank, all 32
commercial banks, 11 development banks, and six finance companies as its
members
The new
cheques will be magnetic ink character reader (MICR) cheques with the necessary
security features by the member banks and financial institutions.
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