By Admin 
Check Clearing Delay Problem: A new check clearing system was started by the Reserve Bank of India on 4 October. Under which, the facility of same day check clearing was available. That is, according to this facility of the Reserve Bank, your check should be cleared in the same day, but there is a problem in the facility. In many cases, instead of the same day, it is taking 10 to 12 days. Due to this people are facing a lot of problems. CTI has written a letter to Prime Minister Narendra Modi regarding this issue and made him aware of this problem.
What does the Chamber of Trade and Industry have to say?
On this entire subject, CTI Chairman Brijesh Goyal has informed that the facility of clearing same day checks is having a negative impact on businessmen and common citizens. He said that, when the same day check clearing was announced by RBI, the traders’ organization had welcomed it. He hoped that this would benefit the traders. However, nothing like this could happen and traders are facing a lot of trouble due to this new facility.
Banks are talking about technical glitches and lack of complete training of staff on the new system. On the occasion of festivals like Diwali, business is being badly affected due to the new check clearing system. Payments of many traders have stopped. Due to which many orders are being cancelled. Due to this situation, businessmen are suffering huge losses.
Businessmen are leaving their work and making rounds of banks. Due to which, over time, it is also causing financial loss. In many banks, it is taking 15 days for the check to be cleared. At the same time, many banks are refusing to accept cheques.
What is the new check clearing system?
According to RBI information, the bank is using CTS (Cheque Truncation System) feature to clear the checks in one day. Under this system, if you deposit any check in the bank, the bank sends the scanned copy of the check to the concerned bank. The concerned bank has to accept or reject it within the stipulated time. This entire system has been designed in such a way that your check will be cleared in a single day.
Before the implementation of the new system, the bank used to physically deposit the check deposited by you in the concerned bank. Even if all the information was correct, it would take 2 to 3 working days for the check to be cleared. CTS has been introduced by RBI by changing this system.
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