RBI new cheque clearance system starts today, processing in hours
Hyderabad: Big banking change today — the RBI new cheque clearance system has come into effect from October 4. Cheques will now clear in just a few hours instead of two days.
The RBI new cheque clearance system and Settlement mechanism allows banks to scan and process cheques instantly during business hours. The earlier system required at least 48 hours for clearance.
Positive Pay must for cheques above ₹50,000
Banks such as HDFC and ICICI have already tested the new setup. They urged customers to maintain sufficient balance and ensure correct cheque details. Any mismatch or error could delay clearance.
For cheques above ₹50,000, customers must share key details — account number, cheque number, amount, date, and payee name — at least 24 hours in advance through the Positive Pay System. If the details match, the cheque is processed; otherwise, it’s rejected.
The new RBI system is designed to enhance both speed and security in cheque-based payments, reducing fraud risk and improving efficiency.
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