The Reserve Bank of India has introduced real-time clearing of cheques. However, technology integration glitches, inadequate training of staff and a rushed trial run have led to delays in clearing cheques & crediting customers’ accounts, & even returns, explains Saikat Neogi

RBI’s real-time cheque clearance system

The Reserve Bank of India ( RBI ) has introduced continuous clearing and settlement of cheques throughout business hours (10 am to 4 pm). If a cheque is successfully realised, the money will be credited to the account holder the same day. If a cheque is deposited after 4 pm, it will be processed the next working day during the clearing window. The new system replaces the earlier batch-based process that took up to three working days. The delay would cause inconvenience to ind

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