The cumulative value of transactions carried out through cheques across the country during June declined 13.9% year-on-year to Rs7.2 lakh crore against Rs8.4 lakh crore last year, according to Reserve Bank of India (RBI) data.
A total of 10.6 crore cheques were cleared by banks during the month under review, compared to over 11.0 crore in the same period a year-ago.
During the April-June quarter, the total value of the transactions carried out using cheques stood at Rs24.1 lakh crore against Rs25.2 lakh crore in the first quarter of the previous fiscal, registering a fall of over 4.4%. In addition, a total of 32.61 crore cheques were cleared by banks during the first quarter of the current fiscal, a decline of almost 3.8% from 33.9 crore in the year-ago period.
Mumbai reported the highest number of cheque clearances, as well as the maximum transaction value for any zone, during June.
Banks in Mumbai region cleared a total of 2.0 crore cheques, with a cumulative value of over Rs1.3 lakh crore. In the Delhi region, banks reported that 1.27 crore cheques with a total value of a little over Rs1.1 lakh crore were cleared in June.