Excelsior Correspondent
JAMMU, Oct 16: Chamber of Commerce and Industry (CCI) has expressed serious concern over the non-compliance and operational failures being witnessed in cheque clearing by various banks, which are causing significant inconvenience to the public and business community alike.
In a communication addressed to the Regional Director, Reserve Bank of India (RBI), CCI president Arun Gupta highlighted that despite RBI’s recent directive mandating same-day clearance of cheques deposited by customers, the ground reality reflects a stark deviation. He pointed out that cheques deposited with banks are not being cleared for days together, with their current status often remaining unverified, leaving depositors and beneficiaries in a state of uncertainty.
Gupta further noted that in several instances, cheques have been dishonoured even when sufficient balance was available in the drawers account, raising serious questions about the operational efficacy of the new clearing system. He emphasized that such lapses are not only causing operational hurdles for businesses but also eroding public trust in the banking process.
“The present arrangements are causing considerable inconvenience to the business community as well as to the general public, leading to widespread dissatisfaction,” he stated.
The CCI president urged the RBI to take immediate corrective action. He suggested that if the newly introduced clearing mechanism is not functioning effectively, the earlier system—under which cheques were reliably cleared and the credited amount reflected in the beneficiary’s account on the second day—should be reinstated without delay.
Gupta asserted that reverting to the earlier system would help relieve the public of persistent inconvenience and restore much-needed confidence in the banking sector’s operational reliability.
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