Cheque transactions value down 13.9% in June: RBI

The cumulative value of transactions carried out through cheques across the country during June 2011 amounts to Rs 7.19 lakh crore, a 13.9 per cent decline vis-a-vis the 2010 period, according to new RBI data. Banks had cleared cheques worth Rs 8.35 lakh crore in 2010

Banks had cleared cheques worth Rs 8.35 lakh crore in June, 2010, according to the latest data from the Reserve Bank of India.

The total number of cheques cleared by banks across the country during June 2010 was also 3.8 per cent less than in the same month last year.

A total of 10.62 crore cheques were cleared by banks during the month under review, compared to over 11.04 crore in the corresponding month of 2010.

During the April-June quarter, the total value of the transactions carried out using cheques stood at Rs 24.06 lakh crore as against Rs 25.17 lakh crore in the first quarter last fiscal, a fall of over 4.4 per cent

In addition, a total of 32.61 crore cheques were cleared by banks during the first quarter of the current fiscal, a decline of almost 3.8 per cent from 3390 crore in the April-June period in 2010.

In June, the Mumbai region reported the highest number of cheque clearances, as well as the maximum transaction value for any zone.

Banks in the Mumbai region cleared a total of 1.95 crore cheques, with a cumulative value of over Rs 1.28 lakh crore

In the Delhi region, banks reported that 1.27 crore cheques with a total value of a little over Rs 1.06 lakh crore were cleared in June.

The Bangalore region stood third in terms of both the parameters. Banks in the region reported a total 55.4 lakh cheque clearances worth over Rs 39,700 crore, it added.

The fall in the value of transactions through cheques in June 2011.Appeal of Sahara against Sebi from Tuesday is in line with the trend of the previous fiscal. However, the numbers went up marginally in April this year.

The value of cheque transactions in the country declined by 2.6 per cent year-on-year to Rs 101.33 lakh crore in 2010-11. Delhi and Bangalore were the only major centres to report a rise in the value of clearances last fiscal.

However, the total number of cheques cleared by banks across the country grew marginally by 0.4 per cent in 2010-11. Over 138 lakh crore cheques were cleared by banks across the country last fiscal, as against 1.30 lakh crore in 2009-10.

Source: Business Standard