Daijiworld Media Network – Mumbai / Kolkata

Mumbai / Kolkata, Oct 10 : The Reserve Bank of India’s (RBI) much-anticipated real-time cheque clearance system, aimed at speeding up interbank transactions, is off to a faltering start as several banks struggle to adapt to the new model.

Customers across cities have reported delays, misplaced transactions, and lack of communication, largely due to operational glitches and untrained staff.

The system, introduced on October 4, replaces the traditional end-of-day, batch-based cheque clearing method. It promises to credit funds within hours of deposit by scanning and transmitting digital cheque images in real-time to a central operations centre.

Interbank settlements are to occur every hour from 11 am, with banks expected to confirm payment by

See Full Page