The total value of transactions carried out through cheques across the country in August 2011 amounted to Rs 7.43 lakh crore, down by 8.3% over the same month last year.
Banks had cleared cheques worth Rs 8.11 lakh crore in August 2010.
According to the Reserve Bank of India ( RBI) data, the number of cheques cleared by banks in August 2011 also went down by 5% over the same month last year. A total of 11.16 crore cheques were cleared by banks during the month under review, compared to over 11.75 crore in the year-ago month.
During the April-August period, the total value of the transactions carried out using cheques stood at Rs 41.23 lakh crore, against Rs 41.39 lakh crore in the same period a year ago, a dip of 0.3%. A total of 55.5 crore cheques were cleared by banks during the first five months of the current fiscal, a decline of almost 3.5% from 57.53 crore in the April-August period a year-ago.
In August, the Mumbai region reported the highest number of cheque clearances as well as the maximum transaction value for any zone. Banks in the Mumbai region cleared two crore cheques, with total value of over Rs 1.25 lakh crore.
Cheque transactions have been on the decline over the past few years with the growth of electronic transfer medium.
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