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Vadodara riots delay SBI clearences
Vishal Dutta / Mumbai/ Vadodara May 3, 2006
The riots have adversely affected the day to day business of banking sector in Vadodara in the past two days.
 
All activities at the clearance house of State Bank of India (SBI) in Vadodara have come to a grinding halt, blocking transactions of Rs 500 crore that are awaiting clearance.
 
The SBI clearance house falls in the Madvi area of Vadodara where curfew has been clamped from Monday evening.
 
As a result the clearance house was unable to function on Tuesday.
 
Talking to Business Standard, S T Vadalkar, chief manager of SBI service branch (clearing house), Vadodara, said, "In last two days of riots in the city, the clearance worth Rs 500 crore has been suspended due to non-conducive environment prevailing in the city."
 
On an average the daily clearance at the SBI clearance house is between Rs 200 to Rs 300 crore.
 
However, he informed that on the first day (Monday) of the rioting itself the bank managed to clear Rs 50 to Rs 60 crore worth high value transaction.
 
"We hoped that on Tuesday the transactions will improve, but it seems that the situation has not returned to normalcy and the curfew will be extended for one more day," said Vadalkar.
 
When asked whether the bank will be moving out its clearance house from the curfew zone to the non curfew zone on a temporary basis, Vadalkar, said, "The clearance house system is a bit complicated and it is not easy to shift the entire system to another place."
 
He further said that the bank is chalking out modality to overcome the problem.
 
However, he declined to give the details of plans for restarting the clearance house in Vadodara if the curfew continues.
 
He said, "The modality of restarting the clearance house has been not finalised but we are working to find a way to start the clearance house by tomorrow."

 
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