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| TABLE
1 – Statistics of Return Cheque Volumes and Values |
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Workings on an average of the last three months
Source: LankaClear |
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Table
2 below illustrates the names of each Return Code used in
the clearing process, an explanation of what these codes mean,
the Total Average Volume of cheque returns due to each reason
and the National Average of each return. According to statistics
of the last three months the most commonly occurring return
was ‘Refer to Drawer’ at a monthly average of
53.10%. The next reason for return is due to ‘Effects
Not Realized’ at 11.80% each month. It is interesting
to note that 64.90% cheques are being returned out of the
total cheque returns for want of funds in the recent past.
But it is important to note that returns of individual banks
vary from one to another. A bank may have a very high return
due to ‘Payees Endorsement Irregular” and a very
low percentage of returns due to Code 1 & 2. And reasons
of return varied each month for individual banks but the most
commonly occurring return indeed is when there are inadequate
funds in the accounts of the drawer as stated above.
There are two other forms of returns found to be common among
the banks. These returns are due to “Accounts Closed”
and “Payments Stopped by drawer”. National averages
for these Return Codes are respectively 12.37% and 7.04%.
Two foreign banks and one domestic private bank was found
to have a higher percentage due to “Closed Accounts”
than the average at more than 25% of their total return.
The National Average of returns due to presenting Post Dated
Cheques is 1.99% of the Cheque Returns. Two foreign banks
and a domestic private bank have a noticeably higher percentage
in this category at averages respectively of 5.02%, 4.38%
and 3.77%. Similarly a National Average of 1.35% of monthly
return cheques is because of presenting incomplete cheques
(Code 59). It is noted that two foreign banks have higher
percentages of 3.55% and 3.02%.
Apart from the causes discussed, there are other reasons for
return too, reasons due to technical faults of the collecting
bank such as Bad Image, Encoding Error and Scheduled in Error.
Returns due to these technical errors are found to be very
low, the most prominent return category was due to bad images.
Returns due to ‘Bad Image’ were found to be 2%.
The captured image had not been clear enough in order to honour
the cheque. Banks that reportedly had a problem of bad images
was a leading domestic private bank 0.77% and a foreign bank
at 3.56%. |
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| TABLE
2 – National Average Return Percentage Code Wise |
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Workings on an average of the last three months
Source: LankaClear |
- Re-presentable codes 1,2,10,11,12,13,14,15,16
- Non-Re-presentable codes 50 to 66
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