Banks in India, including ICICI Bank, will start same-day cheque clearance from October 4. This comes after the Reserve Bank of India's (RBI) updated settlement framework for quicker and more secure payments. Under the new system, cheques deposited will be cleared within a few hours on the same day. 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 also urged by banks to use the Positive Pay System to enhance security, requiring prior submission of key cheque details for verification.

What is the Positive Pay system?

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 Pa

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