Check clearing process will not be completed in two hours, causing delay in implementation of RBI guidelines

RBI News: As per the RBI announcement on August 8, 2024, the government has postponed the implementation of the system of crediting checks drawn in banks within two hours from January 1, 2025. After this announcement of the Reserve Bank Governor on August 8, there was a fear of brakes on the digital economy i.e. mobile payment or online payment system. As a result, the implementation of the system of crediting or debiting money by check within probably two hours is being considered postponed.

Banks have not received the guidelines

Banks and National Payments Corporation of India were also directed to make arrangements for depositing money within two hours after August 2024. But, the Reserve Bank has not given guidelines for this to the banks before January 1, 2025. In this way the entire plan has been completely completed.

Awaiting new notification from Reserve Bank

However, as per the announcement made in August 2024, it was planned to start the continuous clearing system from January 1, 2025. Under this scheme it was planned that the amount of the check deposited in the bank for clearing would be deposited in the owner’s account within two hours. As a result, warnings were given not to issue any check if there was no balance in the account. So people i.e. bank owners also started mental preparation for this. The apex bank of the cooperative banking sector has informed the cooperative banks that the system of clearing checks and depositing money within two hours will not be implemented unless the Reserve Bank gives any new instructions.

However, the Reserve Bank has not yet given guidelines to implement this system from January 1. As a result, cooperative banks have not even received the notification to implement the two-hour check clearing system from January 1. In such a situation, the system of clearing check money within two hours has been disrupted even before it was implemented. However, it is learned that the implementation of this decision has been postponed due to fears of disruption to the digital payment system due to the new system. It is believed that for this reason the guidelines have not been announced by the Reserve Bank.