Pongal is a major festival in Tamil Nadu, and normally, majority of the institutions including banks are closed for 3days in a row.
This time, also Banks are closed on 14th, 15th and 16th January 2013. As a result the Chennai CTS will also be closed for 3 days. The Banks under Chennai Grid i.e Banks in Karnataka and Andhra Pradesh, have to decide whether to hold the cheques for 3 days or present them in the MICR Clearing in their respective locations.
Majority of the banks would prefer to present in MICR Clearing, rather than wait till 17th to present the cheques in CTS.
As in most of the places, MICR clearing has not yet been discontinued, this time there would be no major impact on closure of Chennai CTS. However, in the near future, as and when MICR Clearing Houses start to shut down, it will be a tricky task to convince customers on the delayed clearing proceeds.
In the next 3 days, the major challenges would be for the MICR Clearing houses in Bangalore and Hyderabad to manage the volumes. In the last six with the cheque volumes shifting to Chennai CTS Grid, the manpower was moved out of the MICR Clearing houses. The Banks also adopted themselves to the CTS procedures i.e processing on scan images.
However, I believe in the power of Indian Jugaad to arrive at the best possible solutions.
- Pongal / Bogi special Lunch Menu (subbuskitchen.com)
- Cheque Truncation – Paper to Follow (P2F) workflow. (simplybanking.wordpress.com)