Newly launched real-time cheque clearance system troubling many traders, businessmen
October 12, 2025
business reporter : the new real-time cheque clearance system, introduced by the reserve bank of india (rbi) recently to speed up payments, is troubling some of the traders here in the region. some of the traders and businessmen ha
Business Reporter :
The new real-time cheque clearance system, introduced by the Reserve Bank of India (RBI) recently to speed up payments, is troubling some of the traders here in the region. Some of the traders and businessmen have pointed out that their cheques are not getting cleared for the past four days.
As a part of the first phase of the continuous clearing and settlement process, the RBI has introduced a new system from October 4. Under the new system, cheques deposited between 10 am and 4 pm are being scanned and sent for clearing instantly. From 11 am, banks settle the transactions every hour. Further, the paying banks must confirm by 7 pm, in case there is no response, the cheque is automatically approved. Earlier, the cheques were cleared in a batch at the end of the day. However, Dr Dipen Agrawal, President of the Chamber of
Associations of Maharashtra Industry & Trade (CAMIT), said that many traders and businessmen are facing severe hardship due to alleged failure of the new same-day cheque clearing system. Dr Agrawal has urged the Union Finance Minister Nirmala Sitharaman to take immediate corrective measures following widespread disruption in the newly introduced same-day cheque clearing system, which has caused serious liquidity challenges for traders, industrialists, and MSMEs across Maharashtra.
In a representation submitted to the Finance Minister and the Principal Revenue Secretary (Banking), Department of Financial Services, CAMIT highlighted that the system, though well-intentioned, has been plagued by major technical glitches since its roll out, resulting in complete stoppage of cheque clearance in several banks over the past few days. CA Kailash Jogani, President of Nagpur Chamber of Commerce Ltd (NCCL), has also raised the similar issue.
“In the festive season, where inflow of cheques are more than normal, the non-clearance of cheques have triggered confusion and panic among the traders and businessmen,” he said. CA Jogani has made a representation before the Reserve Bank of India for its immediate attention to the new clearing system. In a representation to the RBI’s Department of Payment and Settlement System, the NCCL has raised the issue. CA Jufesh Shah, Chairman COSIA Vidarbha, also said that the new system is affecting clearing of banking transactions.
“The concerned authorities should have undergone real substantive tests of the system before rolling it out. Due to the glitches, many banks are encountering issues such as poor cheque image quality and inconsistent scanning,” he said. In the meanwhile, one of the senior officers in a public sector bank, told The Hitavada that as the system is new, there are some teething problems which will be resolved very soon. Another officer said that all the systems will be streamlined by October 13.
The new real-time cheque clearance system, introduced by the Reserve Bank of India (RBI) recently to speed up payments, is troubling some of the traders here in the region. Some of the traders and businessmen have pointed out that their cheques are not getting cleared for the past four days.
As a part of the first phase of the continuous clearing and settlement process, the RBI has introduced a new system from October 4. Under the new system, cheques deposited between 10 am and 4 pm are being scanned and sent for clearing instantly. From 11 am, banks settle the transactions every hour. Further, the paying banks must confirm by 7 pm, in case there is no response, the cheque is automatically approved. Earlier, the cheques were cleared in a batch at the end of the day. However, Dr Dipen Agrawal, President of the Chamber of
Associations of Maharashtra Industry & Trade (CAMIT), said that many traders and businessmen are facing severe hardship due to alleged failure of the new same-day cheque clearing system. Dr Agrawal has urged the Union Finance Minister Nirmala Sitharaman to take immediate corrective measures following widespread disruption in the newly introduced same-day cheque clearing system, which has caused serious liquidity challenges for traders, industrialists, and MSMEs across Maharashtra.
In a representation submitted to the Finance Minister and the Principal Revenue Secretary (Banking), Department of Financial Services, CAMIT highlighted that the system, though well-intentioned, has been plagued by major technical glitches since its roll out, resulting in complete stoppage of cheque clearance in several banks over the past few days. CA Kailash Jogani, President of Nagpur Chamber of Commerce Ltd (NCCL), has also raised the similar issue.
“In the festive season, where inflow of cheques are more than normal, the non-clearance of cheques have triggered confusion and panic among the traders and businessmen,” he said. CA Jogani has made a representation before the Reserve Bank of India for its immediate attention to the new clearing system. In a representation to the RBI’s Department of Payment and Settlement System, the NCCL has raised the issue. CA Jufesh Shah, Chairman COSIA Vidarbha, also said that the new system is affecting clearing of banking transactions.
“The concerned authorities should have undergone real substantive tests of the system before rolling it out. Due to the glitches, many banks are encountering issues such as poor cheque image quality and inconsistent scanning,” he said. In the meanwhile, one of the senior officers in a public sector bank, told The Hitavada that as the system is new, there are some teething problems which will be resolved very soon. Another officer said that all the systems will be streamlined by October 13.