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Showing contexts for: Promotion RBI in Need To Stop The Closure Of Clearing House At Cuttack, Orissa. on 26 July, 2006Matching Fragments
The valid reason for RBI, Bhubaneswar insisting upon the closure of Cuttack Clearing House seems two fold: firstly, the present MICR machine at Bhubaneswar with a capacity of 30,000 instruments handles only 15,000 instruments. If instruments of Cuttack is taken to Bhubaneswar, then there will be capacity utilization. Secondly, with increase in the volume of business by RBI, Bhubaneswar its official status would be enhanced benefiting its staffing pattern and promotion. RBI has not spent a single pie for the MICR machine at Bhubaneswar. It is acquired by SBI. Similarly, if Cuttack would be allowed to go for a MICR machine, then the cost would be born jointly and not by RBI alone. There are 36 number of banks with at least 120 branches in Cuttack. I would urge upon the Government to refrain from closing down the Clearing House at Cuttack and instruct RBI to install a new Cheque Processing Centre with MICR technology at Cuttack.