A new automation software package called “Express Cheque Clearing System” (ECCS) has been developed. ECCS, being implemented jointly by SBI and NPCI, would replace the Magnetic Media Based Clearing Software employed in automation of Clearing Houses available at 1093 locations. It is expected to be rolled out across all these centres by September 2011 along with the speed clearing facility.
As a result, it appears some market participants are being very conservative in sharing information, which can have implications for the effective functioning of the market.