Reserve Bank of India (RBI) extends the scope of Speed Clearing Facility

Speed Clearing leverages on the Core Banking Solutions (CBS) implemented in banks across the country and facilitates realization of outstation cheques drawn on CBS-enabled branches at the local centre itself, thus obviating the need of such cheques to physically move to the outstation centre.



Roll-out of Speed Clearing is one of the many initiatives taken by Reserve Bank of India for improving efficiency in the time frame for and process of collection of outstation cheques – the time frame has reduced from 7-45 days to 2-3 days, while the monthly volume of outstation cheques collected through Speed Clearing has increased significantly to more than 2 million.

In terms of coverage, Speed Clearing facility is available at all the 66 MICR centres and reaches more than 50,000 bank branches in the country. Efforts are on to increase the coverage, both in terms of centres and bank branches.



Speed Clearing is currently enabled for cheques issued by account holders with transaction codes 10 (savings bank), 11 (current account) and 13 (cash credit). Keeping in view the benefits to customers as also the infrastructural and processing preparedness of banks, it has been decided to extend the scope of Speed Clearing to cover all transaction codes, other than those relating to government cheques.

The revised instructions will be effective from February 1, 2011. RBI has advised banks may exercise usual care and caution while handling such instruments.

Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India (RBI) has kindly consented to be the Chief Guest at the 7th Edition of Conference on Payment Systems on 19th January 2011 at Mumbai and make the inaugural address. Banknet's Annual Conference on Payments is the largest payments event in India and has gone from strength to strength. 75+ organisations have already confirmed participation in India's Largest Payments Conference. ONLY FEW SEATS LEFT .... Read More


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