India: pioneering cash management products

Amidst difficult regulatory conditions and infrastructure, India has turned into a pioneering centre for cash management products for many banks in the Asia Pacific region.
Working under difficult conditions has a way of inspiring innovation. In a country where a cheque can take up to 45 days to clear, foreign banks are pioneering cash management and incubating best practice for the rest of the region.

India has more than 10,000 independent clearing zones, which process, collectively about 755.2 million cheques a year. Real time gross settlement RTGS doesn't exist and electronic banking is only available on a restrictive basis as there are strict government controls on the cross-border movement of funds.

As cheques are the primary form of payment, banks have been putting much thought into speeding up the process. Cheap labour means that there is less incentive for...

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