'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease
I have many instances of such delay involving large amounts whereby I lost interest of a few thousands rupees. If any immediate or intervening holidays happen, we had it!.
The physical sending of cheques to the concerned bank is now almost withdrawn. Cheque truncation-whereby the scanned image of the cheque is sentto the drawee bank is now in vogue. However to save cost banks do not keep the truncating machine in every branch. So what happens is, when a cheque is given by a customer , the cheque is physically sent to the link office or to the nearest office where the truncation machine is available. It usually happens the next day only. Then, in that link ofice the cheque truncation is done and recorded. Then it is pooled i the clearing dealing office for that area and transmitted through accounting process to the drawee bank. So when we submit a cheque on friday before second saturday, take it from me, the process starts only from Monday. The cheque may get cleared on Wednesday or Thursday and gets cleared to the beneficiary , may be only by next friday .
When the beneficiary is a government department, again more delay happens as, the govt office has to record it and send it to the bank, which itself may take a couple of days.
In the days of speedier happenings, cheque clearing is, at east in many places slower than snail mail. It may be a hidden indirect pressure meant to discourage cheque transactions and go for realtime digital transactions.
In the author's case, it would be a combination of timing, the delays at the human(staff) level before the CTS was initiated and the amount being debited.
The financial experts had predicted that the volume of cheque transactions would drop down steadily but in India, I think it would take a long time for us to move from a cheque and DD way to a cheque less transaction. The rest would be as replied by Mr.Venkiteswaran sir.