In June 2013, the automated clearing house processed 1.5 million cheques valued at Kes 175.1 billion. Due to the reduced clearing period, beneficiaries received their funds a day earlier to finance their economic activities. Ladies and Gentlemen, The final deliverable initiative of the cheque truncation project is to reduce the clearing period to 1 clearing day (T+1).
I take this opportunity to place on record the Reserve Bank’s deep appreciation of the key role played by FIMMDA and PDAI in the development of financial markets in India. Both organizations have played a significant role in improving the depth and liquidity of interest rate markets and in supporting primary issuance by the Government. Introduction 2.