Karafarin Bank Top Rank in Lowest Unpaid Cheques

Karafarin Bank ranked first in Iran, registering the lowest number of unpaid cheques.
Karafarin Bank acquired 5th in September, 3rd in October and 2nd in November in terms of lowest number of unpaid cheques, Public Relations Department reported.
Based on this report, the Central Bank of the Islamic Republic of Iran has required banks to monitor the number of bounced cheques, randomly. And CBI circulars instructed to banks state that in case the codes of such cheques are not used correctly, then penalties shall apply. Other pressuring actions shall also apply on inadequately performing banks.
The banks have also been requested to instruct their employees to apply stricter measures in reference with unpaid cheques and to require their branch managers to enforce stronger internal controls in this regard.
It is noteworthy that CBI has been monitoring the banks’ performance regarding the bounced cheques via Chakavak system since June 2018 based on which, banks’ rating (for November 2017) has been released.