Hyderabad: A major update for account holders — the RBI new cheque clearance system has become operational from October 4, bringing near-instant cheque processing across the country.
RBI new cheque clearance system, known as Continuous Clearing and Settlement, allows banks to digitally scan and clear cheques within a few working hours. Previously, the same process took up to two days. Several private banks, including HDFC and ICICI, completed trial runs on Thursday.
Faster, safer banking for customers
Banks have urged customers to maintain enough balance and fill cheque details accurately to avoid delays. They also advised using the Positive Pay System for cheques above ₹50,000. Under this feature, users must provide the bank with details like cheque number, date, amount, and payee name at least 24 hours before depositing.
Once the cheque arrives, the bank verifies the details and clears it instantly if all entries match. Otherwise, the cheque is rejected, and details must be resubmitted.
The RBI’s latest system modernizes India’s cheque processing network, offering faster clearances, reduced fraud, and improved transparency for customers.
