21 November 2007
Clearing House is under RBI. If I deposit cheque at Bank Of India Mumbai today and the cheque is drawn on State bank Of India Bombay then BOI sends this cheque to RBI which deducts this money from SGL of SBI and will give me credit the next day. Bank will credit the same after 12.30 p.m. in my account. It will have credit in SGL. This is done on daily basis. Also cash entries like withdrawals and ATMS are accounted on per second basis. There are high value cheques of more than Rs. 1 lakh which will be credited on the same day.
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