CHENNAI: Nagesh Pydah, CMD, Oriental Bank of Commerce, one of the leading Public Sector Banks, head quartered in New Delhi, on Friday, inaugurated the bank’s Cheque Truncation Centre in Chennai in the presence of K S Sreenivasan and P B Santhanakrishnan, Directors of the bank.
The bank currently has 1,715 branches and ECs and 1,242 ATMs spread across the country, besides 30 Regional Offices and 25 Service Branches with a business mix of `2,50,000 crores, including advances of `1,00,000 crore.
The bank’s regional office at Chennai controls 44 branches in Tamil Nadu with a business mix of more than `6,000 crore comprising deposits of `2,200 crore and advances of `3,900 crore. The bank plans to open 6 more branches in the State during the current year.
Participating in the RBI initiative, Cheque Truncation System was first implemented by the bank in Delhi and NCR region by adopting a hybrid model for implementation of Cheque Truncation with seven nodal branches designated as Truncation Points for scanning of the cheques.
Continuing this initiative, National Payments Corporation of India (NPCI) has now implemented CTS at Chennai with a future scope to cover both Hyderabad and Bangalore as grid centres.