NCHL-ECC operational in Birgunj

KATHMANDU, APR 03:

Nepal Rastra Bank has stopped manual cheque clearing in Birgunj.

Nepal Clearing House Limited (NCHL)’s electronic cheque clearing has come into full operation from all the branches of member banks/financial institutions (BFIs) located in Birgunj.

This is a major milestone in the rollout of NCHL-ECC after having been fully operational from Kathmandu, where manual clearing was stopped from December 16, 2012. With this, it is now possible for cheques being presented from/to any of the member banks in Birgunj to be processed the same day.

There were 41 BFIs who were members of manual cheque clearing. Non-standard cheques (cheques currently in use) presented by 12:00pm and standard Magnetic Ink Character Recognition enabled cheques presented within 14:00pm are cleared the same day, whereas cheques presented after cut-off time will be cleared the next business day.

Some banks may have set their own cut-off time hence customers are required to consult their respective banks for such cut-off times.

Source: THT