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Showing posts from May, 2012

Remarkable Improvements in Indian Banking System

Remember those old days when you had to stand for hours in front of a bank counter before you could finish your job there? The globalisation and modernisation in Indian Banks was initiated in 1991. And, since then what a remarkable improvements have occured? Even now (May 2012) a lot of improvements are on the pipeline.

From the small improvement of electronic paper tokens as you enter your Branch, the improvements are very many. Lets see some of them briefly.

MICR: Magnetic Ink Character Recognition - for clearance of cheques.  Started in late 1980s, there are now over 66 MICR centres in India. Cheques which were once cleared manually, are now checked electronically, thus reducing the time for clearance. Now this system is further being improved with Cheque Truncation System (CTS). Started in NCR area in Feb 2008, in this system the digital image of the cheque is generated and it is this image which is electronically transferred for clearing. Soon to be incorporated in other areas.