CLEARING

 Clearing

• Clearing involves collecting instruments on behalf of customers of bank. The instruments mentioned above may be payable locally or at an outside center. 
• The instruments payable locally are collected through clearing house mechanism, while the instruments payable outside is sent by the Bank with whom the instrument has been lodged, for collection to the branches of the issuing Bank at those centers or, if there is no such branch, to other banks.
•  Clearing house settles the inter-Bank transactions among the local participating member banks. Generally, post offices are also members of the house. 
• There may be separate clearing houses for MICR (Magnetic Ink Character Recognition) and non-MICR instruments. 
• MICR is a technology which allows machines to read and process cheques enabling thousands of cheque transactions in a short time. MICR code is usually a nine-digit code comprising of some important information about the transaction and the bank.

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