CEMTEX DEP represents CEMTEX Deposit. Usually it is displayed against Government payments like the Gas Subsidy, Govt Allowances, Salary etc. These payments are processed in bulk for all the beneficiaries in a particular category.
These bulk deposits uses a proprietary format called ‘CemtexABA’. ‘.aba’ is the extension of the file created for the bulk transfer.
What the depositor do is they create a CemtexABA file incorporating all the required info (name, account number and the amount to be transferred) on the beneficiaries. They then send this to the bank server. The server processes the information and will do the deposits accordingly.
Using the cemtexABA format will avoid the need to do the transfers individually. This saves time and reduces the server load.
In the description column of the bank statement, these transfers will be designated as CEMTEX DEP. So if you see this in your bank statement, check if you have some pending government payments.