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Say Goodbye to 1–2 Day Wait: Same-Day Cheque Clearance Starts Today, October 4
Say Goodbye to 1–2 Day Wait: Same-Day Cheque Clearance Starts Today, October 4– Details Here
Private banks like HDFC Bank and ICICI Bank will begin same-day cheque clearance from October 4, following the RBI's new settlement framework. The move aims to make payments faster, smoother, and more secure for customers across the country.
New Delhi: The Reserve Bank of India (RBI) is set to transform the country's cheque clearing system with a major overhaul. From October 4, 2025, the existing batch-processing system which takes up to two working days will be replaced by a continuous clearing and settlement on realization framework. This marks Phase 2 of the RBI's nationwide two-phase revamp, aimed at making cheque processing faster and more efficient.
Private banks like HDFC Bank and ICICI Bank will begin same-day cheque clearance from October 4, following the RBI's new settlement framework. The move aims to make payments faster, smoother, and more secure for customers across the country.
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Starting October 4, cheques deposited will be cleared within a few hours on the same day under the RBI's updated framework. Banks have advised customers to maintain sufficient account balances and ensure all cheque details are accurately filled to avoid delays or rejections.
Banks are urging customers to use the Positive Pay System to make cheque transactions more secure. Under this system, account holders must submit key cheque details including account number, cheque number, date, amount, and beneficiary name—at least 24 working hours before depositing cheques above Rs 50,000. The bank will verify these details when the cheque is presented. If everything matches, the cheque will be cleared; if not, the request will be rejected, and the drawer will need to resubmit the information.
Customers are required to email cheque details to specific regional addresses. Banks will send an acknowledgement message upon receipt before processing.
The Cheque Truncation System (CTS), which sends an electronic image of the cheque and its details to the drawee bank, is currently used by banks. This removes the need for cheques to be physically transferred, but when deposited in drop boxes or automated teller machines, settlement usually takes two working days.
Further, the RBI has made Positive Pay mandatory for cheques above Rs 5 lakh, while it is strongly recommended for those above Rs 50,000. Cheques validated under Positive Pay are also protected under the RBI's dispute resolution system.
The RBI had announced that Phase 1 of continuous clearing and settlement will begin on October 4, 2025, and Phase 2 will begin on January 3, 2026. Customers are advised to ensure all cheque details are accurate to avoid rejection. The amount in words and figures must match, the date must be valid, and there should be no overwriting in the payee's name or amount. The drawer's signature must also match the bank's records. (With IANS Inputs)
Source: ZeeNews
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