HDFC Bank to offer same-day cheque clearance from October 4
What's the story
HDFC Bank has announced that it will start offering same-day cheque clearance from October 4, 2025. The move is in line with the Reserve Bank of India's new guidelines for quick clearing and settlement of cheques. The bank has advised its customers to keep their accounts funded and ensure accurate cheque details for this efficient service.
Security measure
Positive Pay for ₹50,000 and above
To enhance security and prevent fraud, banks have introduced a system called Positive Pay for cheques worth ₹50,000 and above. HDFC Bank's website explains that this system ensures cheques are processed based on information provided by customers at the time of issuance. The details include serial number, account number, cheque number and amount among others.
Process
How to use the Positive Pay system
The cheque issuer (drawer) has to provide specific details of the cheque in a sample email format with an attached Excel sheet. These details are then sent to one of HDFC Bank's regional email IDs, depending on their location. Once received, the bank acknowledges the request via an auto-acknowledgment email and cross-verifies the details before accepting or rejecting the Positive Pay request.
New system
RBI's new guidelines on continuous clearing
In August, RBI announced the transition from batch clearing to continuous clearing with settlement on realization. The move will be implemented in two phases: Phase 1 on October 4, 2025, and Phase 2 on January 3, 2026. This new system will ensure a single presentation session from 10:00am to 4:00pm during which cheques received are scanned and sent to the clearing house immediately by banks.