Jammu, 16th October 2025 : In a communication to the Regional Director, Reserve Bank of India, Sh. Arun Gupta, President Chamber of Commerce & Industry, expressed serious concern over the Non-compliance and operational failure in cheque clearing, causing inconvenience to the Public & Customers.
Sh. Arun Gupta in his letter mentioned that the Reserve Bank of India(RBI) recently issued directions stating that cheques deposited by customers shall be cleared and the amount credited to the beneficiary’s account on the same day. However it has been widely observed that cheques deposited with the banks are not being cleared for days together and their current status remains unverified. Furthermore, parties are often left unaware of whether their cheques are cleared or not. We have also noted where cheques have been dishonored (bounced) even when sufficient balance was available in the debit accounts.
He further mentioned that the present operational arrangements are causing significant inconvenience to the business community as well as the general public, leading to widespread dissatisfaction.
Sh. Arun Gupta requested the Regional Director, Reserve Bank of India that in case the new clearing system is not functioning effectively, the earlier system –under which cheques were reliably cleared and the amount credited to the party’s account on the second day-should be immediately reintroduced. This measure is essential to relieve the public of this persistent agony and restore confidence in the banking system.