BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Collection centre for cheques and demand drafts
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Pooling centre for excess currencies received from the branches
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Collection centre for collection of tax and other receipts
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collection centre for issuing debit and credit cards to customers
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Detailed explanation-1: -A clearing house is an intermediary between buyers and sellers of financial instruments. It is an agency or separate corporation of a futures exchange responsible for settling trading accounts, clearing trades, collecting and maintaining margin monies, regulating delivery, and reporting trading data.
Detailed explanation-2: -These clearing houses clear and settle transactions relating to various types of paper based instruments like cheques, drafts, payment orders, interest / dividend warrants, etc.
Detailed explanation-3: -The check clearing process begins when a person or business deposits a check at their bank. The bank then sends a digital copy of the check to a clearing house; checks that pass through a clearing house are known as either transit checks or “not-on-us” checks.