Co-op banks clears each other's cheques following SBI stir

Akola, Apr 9 (UNI) The local Akola Urban Co-operative Bank and Janata Commercial Co-operative Bank cleared their cheques amongst themselves in the wake of the of the just concluded State Bank of India (SBI) strike, sources here said.

Janta Commercial Co-operative Bank Manager Pradeep Goenka said that over 425 cheques amounting to Rs 4 crore 50 lakh were exchanged for clearance between the two co-operative banks yesterday.

A third bank, HDGC Bank too agreed to clear it's cheques from tomorrow, HDFC Bank sources said.

Cheques amounting to Rs 500 crore are awaiting clearance at the SBI's clearing house since Monday last due to the strike, sources here disclosed.

The strike has hit governemnt employees, pensioners, traders, industrialists and other depositors hard, with SBI automatic teller machines (ATMs) running dry.

UNI XR PP SS MSJ RAI2133