Chennai has one of the major clearing houses maintained directly by the Reserve Bank of India. These institutions are responsible for clearing cheques and other transactions between all banks from around the country. Once a cheque is deposited, it is transferred to any account in private and state banks via the clearing houses. At the end of each day accounts are settled for each bank and whatever amount is due is then transferred accordingly between them. The clearing house also has servers that help in NEFT and online transactions.