New Delhi, Oct. 3 -- In a major step towards modernising India's banking system and ensuring faster financial transactions, private sector leaders HDFC Bank and ICICI Bank have announced that they will roll out same-day cheque clearance from October 4, 2025, in accordance with the Reserve Bank of India's (RBI) new continuous settlement framework. The move is expected to make cheque-based payments quicker, more reliable, and more secure, significantly reducing the waiting time for customers.

Faster Clearance for Customers

Traditionally, cheques deposited by customers through bank branches, drop boxes, or automated teller machines (ATMs) would take at least two working days to clear under the existing Cheque Truncation System (CTS). This ...