T+0 cheque clearing now stable: NPCI – News Air Insight

Mumbai: Most of the initial issues that cropped up during the transition to the Reserve Bank of India‘s new real-time continuous cheque clearing system (T+0) have been resolved and it’s stable since Monday, the National Payments Corporation of India (NPCI) said.

“NPCI is working with banks to address any remaining issues, to ensure same-day credit for the presented cheques,” it said in a statement on Tuesday.

The new system, rolled out on October 4, was facing glitches with some customers complaining about delays arising due to bank staff not trained to handle the new process and issues arising from tech integration, ET reported last week.

Most banks encountered challenges such as poor cheque image quality, inconsistent scanning procedures, and inadequate staff training. This led to scanned cheques being rejected or processed according to older schedules, negating the benefits of the continuous clearing initiative.

“During these initial days, we have encountered some teething issues both at the central system operated by NPCI and at the participating banks, resulting in delays in clearing and in crediting customers’ accounts, and a large number of returns,” NPCI said.

Since the launch, a total of 14.9 million instruments amounting to ₹8.5 lakh crore have been processed and cleared through the central system, it said.