CHEQUE TRUNCATION – Business Opportunities. K.S. Bajwa, General Manager –IT Punjab National Bank. Agenda. Working group on Cheque Truncation and E - cheques Cheque Truncation – Concept, Benefits, Point of Truncation Business Process Re-engineering Legal Issues involved
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General Manager –IT
Punjab National Bank
Improved business intelligence systems can be put in place.Business Opportunities - Banks
Better funds management
Reduction in Transaction cost
Better management of space and manpower
Improved regulatory compliance.
Improved Management Information Systems which will facilitate better decision making.Business Opportunities - Banks
Can improve the Brand image of their products by providing improved functionalities for image capture, storage and retrieval
Scope for improvement in processing capabilities , especially scanners and serversBusiness Opportunities -Vendors
Storage of physical cheque – As per amended NI Act, drawee Bank can requisite for physical cheques in case of need.
System will require storage of cheque as per “Banking Companies preservation of Records Rules, 1985”. Point of storage of physical cheques is to be decidedBusiness Process Reengineering
Sufficient infrastructure may not be available in the branch or service centre
Operational costs for maintaining the system may be relatively high if sufficient capacity utilisation is not there.Why Image Bureaus
High end systems are set up for faster image capture, transmission, storage and retrieval .
Adequate infrastructure put in place to manage the Bureau.Image Service Bureaus
Economy of Scale
Improved Technology can be used as High end systems can be put in place.Business Benefits for set up of Image Service Bureaus