Depositing cash into banks will no longer require waiting for days. Starting today, banks will implement the facility to provide cash on the same day.The Reserve Bank has designed an updated framework for quick and secure payment solutions. Following this, private banks such as HDFC and ICICI have announced that they will commence the facility for converting cash into money (clearing) on the same day, starting from today (October 4). From October 4 onwards, cash deposits will be processed under this new method and the funds will be credited to customers’ accounts within a few hours.To prevent the bouncing of checks and to avoid delays or rejections, both of these private sector banks have advised customers to ensure that all details in the check are filled out accurately. Additionally, customers have been urged to enhance security by utilizing the Positive Pay System and to submit key check details for verification in advance. For checks amounting to Rs. 50,000 or more, account holders must provide the bank with their account number, check number, date, amount, and beneficiary’s name at least 24 working hours prior to depositing the checks. The issuance of the cheque, banks will verify these details. If the information is valid, the cheques will be cleared; otherwise, the request will be rejected. Furthermore, the person withdrawing the money must resubmit their details. Customers are required to email the cheque details to the specified regional addresses. Banks will send an approval message before receiving the cheque. Additionally, for cheques exceeding Rs. 5 lakhs, the RBI has mandated positive pay, while it is also recommended for cheques above Rs. 50,000. Cheques verified under the positive pay system are declared to be protected under the Reserve Bank’s grievance redressal mechanism.
