NCR Corporation, the ATM manufacturer and payment solutions giant, has launched its electronic cheque presentment with image exchange (ECPIX) in the country. If the new technology on imaging of cheques catches on, it will be a boon for customers as outstation cheques will no longer takes weeks to clear. The cheques will be cleared in days.
The government has recently amended the Negotiable Instrument Act which would accept image as a legal document.
With this, banks also will no longer have to physically keep the cheques for seven years. They can now be imaged and stored.
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