NCR says it records India's highest image-based cheque clearing
Technology company NCR Corp said it processed about 1 million instruments on Wednesday using its image-based cheque clearing solution implemented for the Reserve Bank of India, which NCR claims is a record.
 
"This is the first step towards introducing electronic cheque clearing in our country which will enable cheques to be cleared 50% faster than before, ensuring more timely credits," said Navroze Dastur, general manager for payments, NCR.
 
In a release, NCR said this is the largest volume of cheque clearing and settlement in the world outside the USA. This work is being done as part of the bank's cheque truncation system (CTS) project—a key banking initiative of national importance in the National Capital Region of Delhi.
 
NCR's electronic check presentment with image exchange (ECPIX) solution which went live in February 2008 achieved a volume of 550,000 instruments per day by June last year.
 
With all banks in the National Capital Region of Delhi now going live, NCR has set a new benchmark for 1 million instruments per day in the country through image-based cheque clearing. The inter-city cheque clearance will be done in a single working day which earlier would take two working days for clearance, it said.
-Yogesh Sapkale [email protected]

 

Like this story? Get our top stories by email.

User

NASSCOM calls for police enquiry into the illegal sale of medical records
 
NASSCOM has called for a speedy police enquiry into the case of alleged illegal sale of private medical records through IT companies in India. The case was busted in a sting operation by a British television news channel. “It is vital that medical records and other sensitive data are kept secure and confidential.  There can be absolutely no compromise on this point. The Tonight programme has highlighted a case in which it seems that some data from the London Clinic has fallen into criminal hands.  We are calling for a speedy police inquiry and for robust sanctions to be taken against any criminal,” said a statement released by NASSCOM on the issue.
 
“Given the scale of movement of data in the globalised world, incidents such as what has happened are stray incidents that are not reflective of the industry as a whole. Security is and will remain our number one priority. India has established an excellent international reputation and we will not allow this to be compromised at any cost,” the statement further said.
 
As per the findings of the sting operation, medical records sent for computerisation to Indian IT companies were sold illegally in the black market. The files were sold by two men who claimed to have gained access to the information from IT companies. Thousands of medical files from top private hospitals in Britain are outsourced for computerisation to India every year.
 
A number of these files, which contain personal details of the patient’s health, name age and address are for sale in the black market, for prices as low as $4 each. The two men caught on camera involved in the black marketing, claim to have access to thousand more such files.
 
The documentary says there is a market for the records because unscrupulous companies want to sell insurance and prescription drugs to vulnerable patients. The news presenters for that particular sting operation too had approached the two salesmen, as marketing executives for health products
- Amritha Pillay  [email protected]
 
 
Like this story? Get our top stories by email.

User

First past the post
Suven Life Science’s focussed approach on drug discovery in the central nervous system (CNS) is helping it make more headway than any other research company in the drug industry. Suven has recently secured a product patent for its new molecule SUVN-502 from India, Mexico, South Africa, Singapore, New Zealand, South Korea, Australia and Europe. SUVN-502 has completed phase I studies and is entering into phase II stage of clinical research. This molecule is a clinical candidate for Alzheimer’s disease and schizophrenia and can corner a major market share in the $110-billion CNS therapy arena. Global CNS therapies include anti-psychotic, anti-depressant, anti-epileptic and auto-immune drugs accounting for $22.8 billion ($14.69 billion in 2004), $ 20.3 billion ($20.64 billion in 2004), $16.9 billion ($11.57 billion in 2004) and $15.9 billion ($ 6.7 billion in 2004) market size respectively in 2008.
 
The company spends around 25% of sales on drug discovery which is one of the highest among drug companies. Industy’s average R&D expenditure is around 4% of total sales. The company spent Rs 35 crore on drug research in 2008-09 including Rs 29 crore in recurring expenditure. The company is doing research in six CNS categories targeting conditions such as ADHD, dementia, depression, Huntington’s disease, Parkinson’s disease and obesity.
- Dhruv Rathi [email protected]
 
 
 
 
 
Like this story? Get our top stories by email.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

online financial advisory
Pathbreakers
Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
online financia advisory
The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Online Magazine
Fiercely independent and pro-consumer information on personal finance
financial magazines online
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
financial magazines in india
MAS: Complete Online Financial Advisory
(Includes Moneylife Online Magazine)