NPCI says teething issues persist in same-day cheque clearing system

NPCI says minor issues remain in the T+0 cheque clearing process introduced on October 4, assuring customers that all cheques are being cleared the same day

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The National Payments Corporation of India (NPCI) said on Thursday that teething issues continue to persist in the same-day cheque clearing process, which came into effect on October 4.

 

According to the Reserve Bank of India directions, the cheque clearing system has transitioned from batch processing (T+1) to a continuous clearing system (T+0) to enable faster cheque clearance. This change was implemented on October 4.

 

“While most issues have been resolved, some teething issues continue to be observed in the systems and processes at the central system as well as at some banks,” NPCI said in a statement.

 

“Efforts are ongoing to address the remaining challenges and ensure that all cheques presented are paid on the same day,” it added.

 

Since October 4, NPCI has facilitated positive clearance of 25.6 million instruments amounting to over ₹3.01 trillion through the central system.

 

“As of today, every instrument presented for clearing by banks has been processed, and positive/negative confirmation provided. Banks have been advised to credit customers’ accounts for the positively confirmed cheques,” NPCI said.

 

The statement further said that some customers faced delays in the initial days due to teething issues in the clearing process.

 

“We regret the inconvenience caused due to these delays. We remain committed to ensuring a smooth cheque clearing experience and appreciate your continued support and understanding as we transition to continuous clearing,” it said.

 

NPCI sets standards, facilitates the secure exchange of electronic cheque images and data, and acts as the central hub for processing through its centralised clearing house.