New Delhi: Neither will one have to visit a bank to get a cheque cleared nor wait for a period of two to three days to get the cheque amount transferred in the account. Indian banks are ready to launch a highly advanced technique with which ATMs would also function as a cheque clearing machines.

According to the sources of Finance Ministry, Indian Banks Association and National Payments Corporation of India have jointly drawn the project format.

Sources claim that the preparation to launch cheque clearing technique has been finalized. State Bank of India, ICICI, HDFC along with some other big banks are in their final stage of preparations to launch the coveted facility.

The banks are also planning to avail this facility nationwide within two years.

With the ATM cheque clearing facility, the cost of cheque clearance which is approximately Rs 25 per transaction would be reduced, sources added.

At present, 30 percent of banking transactions is done through cheques. The proposed launching of cheque clearing facility through ATMs is also expected to lessen this burden on banks.

Special directions have been given to the Reserve Bank of India by the Union government to ascertain the availability of ATM cheque clearing facility in villages.

It is worth mentioning that developed countries like US, China and some others have adopted this highly advanced technique of cheque clearance through ATMs two years back.

(JPN/Bureau)