Cheque clearing fiasco continues
 

by Surekha Galagoda

The purpose of implementing a new system for clearance of cheques at a cost of Rs. 600 million seems lost as banks claim they require additional days to clear cheques, bank sources revealed.

The Differel list sent to each bank by LankaClear, the new cheque clearing establishment. According to banking sources some banks are compatible with the technology while others are not. They said the system should have been reviewed before going online.

Banking sources say it will take nearly six months for the system to function smoothly. But according to the Central Bank, a post implementation review conducted by them indicate that only a few banks have experienced operational problems and it was a temporary issue.

General Manager of LankaClear, Anura De Silva commenting on the list said with the change of the system there was a backlog of cheques by some banks and it was being now cleared.