Cheque- Why wait 2 days for clearance? What is RBI’s new rule?

The Reserve Bank of India (RBI) has announced a major change in the country’s banking system. Now, one will not have to wait two days for cheque clearance. Instead, within just a few hours, the cheque amount will be credited into the account. In this new system, the speed of cheque clearing will increase, risks will be reduced, and customers will get faster services. RBI is now moving towards settlement on realization in this matter.

When will this new system be implemented?

This new system of cheque clearance is being made faster. It will start on October 4, 2025. Under this new system, the cheque received from the customer will be immediately scanned and sent for clearing. This process will be completed in a single clearing session from 10 a.m. to 4 p.m. Henceforth, customers will no longer have to wait for cheque clearance.

The new system will be implemented in two phases

This new system will be implemented in two phases.

• In the first phase (from October 4, 2025, to January 2, 2026), the bank will have to confirm receipt of the cheque by 7 p.m. the same day. This will clarify whether the bank has accepted the cheque or not. If the bank does not respond, it will be assumed that the cheque has been accepted, and the bank must then complete the further process.

• In the second phase (starting January 3, 2026, permanently), the bank receiving the cheque will have to give confirmation of receipt within just 3 hours. After that, the further process must be completed immediately. Once a cheque is reported as received, the bank will have to transfer the cheque amount into the customer’s account.

Thus, this process will be completed in two stages-

1. October 4, 2025 – January 2, 2026 (transition period)

2. From January 3, 2026 onwards (permanent system)