CHEQUE CLEARANCE SYSTEM
Bank strike halts work at 7,000 branches in MP, affects business worth Rs 5,500 crore: Association
Bank operations halted across Madhya Pradesh due to a nationwide strike. Approximately 7,000 branches were affected, impacting daily business worth Rs 5,500 crore. Employees demanded a five-day work week and improved pension benefits. Other demands included uniform dearness allowance and NPS option. This strike disrupted cash, cheque, and treasury-related financial activities.
Banking services hit as unions strike for five-day workweek
A nationwide bank strike disrupted services at public sector banks on Friday as unions pressed for a five-day workweek and resolution of wage and pension issues. Branch-based services, including cash transactions and cheque clearances, were hit, while UPI and internet banking continued to operate.
RBI postpones 2nd phase of quicker cheque clearing mechanism
The Reserve Bank has postponed the second phase of its faster cheque clearance system. This move provides banks more time to adjust their operations. The new system was scheduled to begin on January 3. Earlier, the first phase faced some initial challenges.
Some teething issues persist in new cheque clearing system: NPCI
The National Payments Corporation of India has acknowledged certain hurdles with the recently implemented continuous cheque clearing system, established by the Reserve Bank of India to enhance the efficiency of cheque processing. Although the majority of cheques have been successfully handled, some banking institutions and the central clearing system are still addressing minor technical glitches.
Continuous cheque clearing hits roadblocks, customers face long waits
A new cheque clearing system, intended for same-day clearance, is facing significant delays and rejections due to initial technical glitches and poor image quality. Customers report cheques taking over a week to clear, disrupting business finances. While the National Payments Corporation of India states most issues are resolved, some customers are still experiencing prolonged waits for their funds.
Banks facing teething problems with faster cheque clearance system, say union
A bank employees' union has raised concerns about the new same-day cheque clearing system, citing software glitches and inadequate staff training that are causing extended work hours and impacting customer service. The National Payments Corporation of India acknowledged "teething issues" but stated most problems have been resolved.
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In Graphics: Post-dated clearing of cheques is history
Usage of cheques has plunged since the Covid pandemic. The growth in the value of cheques processed by banks fell 10% between 2019 and 2024. In the same period, the value of funds transferred via RTGS increased 12%. Meanwhile, the number of UPI transactions crossed 20 billion in August, reaching nearly Rs 25 lakh crore, underscoring its high usage for retail payments.
RBI’S real-time move: Glitches mar new cheque clearance system
The Reserve Bank of India's new real-time cheque clearance system is experiencing glitches, with customers reporting delays due to inadequate staff training and tech integration issues. While aiming for same-day clearance, some cheques are being rejected or processed with old schedules, negating the system's benefits. Bankers anticipate these teething problems will be resolved within weeks.
HDFC Bank to clear cheques same day from October 4, 2025: What it means and what you need to do
HDFC Bank will implement same-day cheque clearance from October 4, 2025, aligning with RBI's new guidelines for quick settlement. Cheques will clear within hours, requiring customers to maintain funded accounts and ensure correct details. The Positive Pay system is now mandatory for cheques above Rs 5 lakh, necessitating prior submission of cheque information to enhance security and prevent fraud.
ICICI Bank to clear cheques same day from October 4, 2025: What customers must know
Cheque clearance: ICICI Bank said that its latest move will ensure quicker fund availability, greater convenience, and reduced delays. ICICI Bank encourages customers to use the Positive Pay feature.
Banks to clear cheques within few hours from Oct 4: RBI
Reserve Bank of India will launch a faster cheque clearing system. This new system aims to clear cheques within hours. The current process takes up to two working days. The new system will use continuous clearing. Phase 1 starts on October 4, 2025. Phase 2 begins on January 3, 2026. Banks must inform customers about these changes.
RBI action: Cheques to be cleared within few hours now, closing in on NEFT, RTGS speed of transfer
The Reserve Bank of India has stated that the clearance of cheques will be expedited to within a few hours. This announcement was made by the governor of the Reserve Bank of India during the Monetary Policy Committee meeting.
Positive Pay System: New cheque rule for Punjab National Bank customers
Punjab National Bank (PNB) has made Positive Pay System (PPS) mandatory for cheque payments of Rs. 5 lakh and above.
PNB positive pay: Customers should give details one day before presenting high-value cheque
In order to notify its clients about high-value check scams, Punjab National Bank asked last week that they submit information relating to high value checks at least one day before clearing under the Positive Pay System (PPS) framework.
PNB customers must give details of high-value cheques before clearance
PNB said it has made the PPS facility live through all branches, internet banking services retail and corporate PNB ONE as well as SMS banking and asked its customers to avail the facility of PPS by submitting the requisite details of the cheque issued by them through these means. Reserve Bank of India had issued the guidelines to provide the facility of PPS for cheques of Rs 50,000 and above and advised that the banks may consider making it mandatory for the cheque of Rs 5 lakh and above.
Your high value cheque may be rejected sans net, mobile banking or branch visit
Under the positive pay mechanism, the cheque issuer, i.e., you, will be required to verify certain details of the cheque issued by you to ensure that it is cleared, i.e., processed and debited from your bank account.
Banks to conduct special clearing operations for closure of government accounts on March 31
Normal clearing timings as applicable to any working Wednesday shall be followed on March 31, 2021, the RBI said in a notification addressed to the member banks, urban and state cooperative banks, payments banks, small finance banks as well as the NPCI.
Issuer will be able to send cheque’s pic
Account-holders will soon be able to send to their bank the details of a high-value cheque they issue to third parties, which will enable safer and faster clearance of cheques above Rs 50,000.
RBI to introduce pan-India CTS by Sept 2020 to make cheque clearing safer, faster
The RBI is now planning to implement a pan-India Cheque Truncation System from September 2020.
No clearance of non-CTS compliant cheques from January: Punjab National Bank
This eliminates the cost of movement of physical cheques and reduces the time for clearance for better delivery of services to customers.
RBI to move to CTS for clearing govt's cheques
RBI today said it has decided to dispense with the requirement of physically forwarding paid central government cheques to the departments for clearance.
RBI extends deadline for issuance of new format cheques
The RBI asks banks to issue new cheque books only under the new format and gave them time till July-end to withdraw the old format cheques.
ET in the Classroom: Why you need CTS cheques?
rom April 1, your cheque book will become invalid if it is not CTS 2010-enabled. Here's why.
RBI asks banks to levy uniform fee for collection of high value cheques
The RBI asked the banks to fix a uniform fee for collection of cheques of over Rs 1 lakh, instead of levying it as a percentage of the value of the instrument.
RBI union leaders call nationwide strike to oppose inflation successful
The cheque clearance system of the RBI was severely hit but customers could transfer money electronically and operate ATMs in most cities.
Delhi Banks won't accept cheques with overwriting from today
Cheques with overwriting or cutting will not be honoured by the banks in the capital from today, a move intended to prevent fraudulent withdrawal of money and expedite clearance of cheques.
Coming soon: Cheque-reading ATMs
SBI, IDBI & ING Vysya are among banks that are testing a technology that facilitates instant cheque encashing at ATMs. Don't believe all that's spelt out by banks
Payout cheques deluge strains clearance system
The rush for depositing dividend cheques by investors has led to a staggering of clearing operations of the Reserve Bank of India.
BSNL to switch to e-payments
State-owned telecom behemoth Bharat Sanchar Nigam(BSNL) will shortly abandon payment of its vendor bills by cheque.
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