We have half a million cheques passing through the Clearing House each month, that is 25,000 cheques each working day. Add to this the intra-bank cheques, that is cheques paid out from and paid into the same bank; and we are talking about 50,000 cheques each working day.
Whilst this volume of cheques has been continually rising by about 3% since I have been at the Bank, the value transacted has been rising even faster, increasing by nearly 30 percent over the same period of four years. The total average value of cheques cleared at the Clearing House exceeds Rs 1 billion a day.