NE lags in electronic clearing system: RBI official

Posted By: Pti
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Shillong, Feb 7 (PTI) Ruing that the Northeast was yetto pick up the electronic clearing system (ECS), a seniorReserve Bank official today said Clearances through the ECS inthe region is only one per cent of the national average.

"More awareness in required to refine the payment andsettlement systems in the region. Of late, Manipur has startedpayment of salaries through this system. In Meghalaya somedebit clearing (like BSNL bills) is done through ECS," RBIRegional Director Surekha Marandi said here.

Addressing a workshop on popularizing ECS for paymentof salaries and pension, she said the electronic transfer ofpayments were safe, efficient, time saving time and it helpedbetter fund management.

"Clearances through cheques take three days time,while through ECS it is done in one day. The ECS also ensuresbetter customer satisfaction," she said.

Meghalaya Chief Minister Mukul Sangma said all stategovernment employees will be brought in the loop.

"The beneficiaries of government schemes and otherweekly payments will be done through this system in nearfuture," Sangma said.

Meghalaya additional chief secretary (in chargefinance) BK Dev Verma said the ECS reduces the paper work andthe exercise of going to banks. "The possibility of fraud isalso nil," he said.

Meghalaya government is in the process of startinge-payment of pension. "Next, we will start the payment ofsalaries through ECS. The banks have to gear up to handle thetasks, because gradually all government transactions will bedone through electronic payment," Verma said.

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