Jaipur, October 14 (Daily Kiran): The Reserve Bank of India’s (RBI) newly introduced real-time cheque clearing system, aimed at speeding up interbank transactions, has collapsed within days of launch, causing widespread disruption in financial operations across Rajasthan, particularly in Jaipur. The failure has stalled transactions worth billions of rupees, forcing banks to revert to the old cheque clearing process.
System Failure During Festive Season
Introduced on October 4, the new system promised cheque settlements within a few hours by sending digitized images of cheques to a centralized clearing hub, replacing the older 1–2 day process. However, due to technical glitches and insufficient staff training, the system malfunctioned during the ongoing festive season, a time when transaction volumes typically surge.
On Monday, the RBI allowed banks to temporarily return to the old manual clearing process to ensure payments do not come to a complete halt.
Technical Glitches and Training Gaps
According to banking officials, employees across several banks were not adequately trained on the new module. Problems arose in digital imaging, data entry, and software synchronization after system upgrades.
In some banks, auto-mapping errors between IFSC and branch codes caused transaction files to be rejected. The AI-based auto-clearing algorithm reportedly misfired multiple times, putting even valid cheques on hold.
As a result, many banks have now resorted to manual verification to process pending payments and avoid a total freeze in cheque clearance.
Customers Face Payment Delays
Local traders and business owners have reported severe payment disruptions. A textile trader in Jaipur said,
“We deposited cheques nearly two weeks ago, but they were cleared only after 13 days. In some cases, money was debited from our accounts but didn’t reach the recipient. Customers kept asking why their payments weren’t reflected, and banks had no clear answers.”
Complaints about delayed cheque clearances have also surfaced on social media, with users tagging banks and RBI for clarification.
Bank Union Questions RBI’s Rollout
T.C. Jhalani, President of the PNB Employees Union (Rajasthan), criticized the RBI’s decision to launch the system hastily:
“When services like NEFT, RTGS, and online banking already work efficiently, this rushed rollout was unnecessary. Instead of speeding things up, it has delayed cheque clearance even further.”
Jhalani added that special training sessions were conducted in all major banks on Monday, and trained manpower will start operating from today. He expects the issue to stabilize within the next one to two days.
RBI Seeks Detailed Report
The RBI has asked major banks to submit detailed reports on the technical failure and corrective measures being taken. Industry insiders believe that until the system stabilizes, billions of rupees in festive-season transactions may continue to be delayed.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
