Cheque transactions dip 13.9% in June

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.

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.

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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.