Assumptions : Brokerage 1% Interest p.a. : 10% Due amt : 120 million in 30 days Monthly chq rcvd by branch / franchisee = 300 No. of Branchs/franchiee = 200
a) Assurance of cheque received physically. I have account in Emirates Bank, Dubai where this system is there. Innovative Automated Machines detects the cheque by scanning micr,chq no., a/c no. etc. accepts the cheques uploads image of the cheque to clearing systems checks that micr chqno a/cno. = final no. shuld not be duplicate. Cost per cheque : 0.005% of brokerage.
b) Head office has to tieup with some bank for cheque discounting of system cheque disc.system for 1 million / branch = 200 million aggregate it should be short term for 5 days. every 5 days interest should be calculated. interest should be : 0.030% for 5 days. (0.18% p.m. & 2.16% p.a.) Interest difference = 10% - 2.16 = 7.84% (saving to cover the atm cost per br)
if solution seems working then pls donate 25,000/- to CRY / UNICEF or anywhere.
