What is meant by clearing house? What are its functions?

1.	What is meant by clearing house? What are its functions?
Answer» Clearing House: is a place where Banks that are members of the clearing house meet to exchange the cheques. Outward clearing refers to instruments that are deposited by customer that are drawn on other Banks that need to be presented at clearing. Inward clearing means all the Paper based instruments that have to be presented at the drawer bank either in person or by another bank in clearing or through collection. Clearing House Functions: • Facilitate the exchange of instruments • Settlements of Claims • Settlements with Major Banks • Settlements with the Central Bank

Answer»

Clearing House: is a place where Banks that are members of the clearing house meet to exchange the cheques. Outward clearing refers to instruments that are deposited by customer that are drawn on other Banks that need to be presented at clearing. Inward clearing means all the Paper based instruments that have to be presented at the drawer bank either in person or by another bank in clearing or through collection.

Clearing House Functions:

• Facilitate the exchange of instruments

• Settlements of Claims

• Settlements with Major Banks

• Settlements with the Central Bank

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