New Delhi, 23 September (IANS). ICICI Bank has given a big change in its check clearing process and informed about clearing the check deposited in one working day. The purpose of this step is to reduce the delay and provide better facilities to the customers. From October 4, the checks deposited in all the branches of the bank will be cleared in one working day and will be deposited in the account.
This step by the bank has been taken under the new check clearing system of the Reserve Bank of India (RBI), which aims to intensify settlement. A new framework will replace the old batch-based system, under which the check will be cleared in a few hours of depositing.
The check tankation system (CTS) is used by banks. It sends the electronic image of the check and its information to the draw bank. This does not require to send the check physically, but the deposit in the drop box or ATM usually takes two working days.
In addition, ICICI Bank has emphasized the importance of its positive pay feature, which gives additional protection to checks of more than Rs 50,000.
To avoid fraud, customers can verify important details in advance when writing checks of more than Rs 50,000.
Positive pay features are mandatory for checks of more than Rs 5 lakh; Otherwise, the check will be returned.
The RBI dispute resolution process will apply to check checks only under positive pay.
The RBI had said in its guidelines of August 2025 that batch clearing would make constant clearing and settlement easier.
The first phase will begin on October 4, 2025 and the second phase will begin on 3 January 2026. Checks can be submitted from October 4 from 10:00 am to 4:00 pm in one day.
Customers are advised to check all the details accurately to avoid check rejecting. The amount should be matched in words and numerals, the date should be valid and there should be no overrighting in the name or amount of the payi. In addition, the signature of the drawer should also match the bank’s record.
-IANS
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