Technical Glitches Impact Business, Cash Crisis and Fraud Concerns During Diwali Season

SURAT. The Southern Gujarat Chamber of Commerce and Industry (SGCCI) has submitted a memorandum to the Reserve Bank of India’s (RBI) Chief General Manager requesting a one-month postponement of the ‘Same Day Cheque Clearing’ rule.

The Reserve Bank of India implemented the real-time cheque clearance system starting October 4, 2025, with the objective of making the banking system more digital and responsive. Under this system, cheques were supposed to be cleared on the same day. However, during the initial days, technical glitches and server malfunctions have caused many cheque clearances to get stuck.

It was stated that previously, cheques would clear within a few hours, but now traders and industrialists have been complaining about payments being stuck for the past 6-7 days. Bank staff are having to clear cheques again through manual systems, which has slowed down the entire process.

It was further explained that delays in cheque clearance have affected cash flow in the market before Diwali. Traders are facing difficulties in purchasing raw materials, paying worker salaries, and conducting daily transactions. “The cash shortage during this festival season is directly impacting business, and technical glitches in the quick payment system are also increasing concerns about fraud,” it was noted.

For this reason, SGCCI has requested RBI to temporarily suspend the ‘Same Day Cheque Clearing’ rule for one month, so that banks get time to fix the technical glitches and the negative impact on the business community can be avoided.

Diwali

Diwali, also known as the Festival of Lights, is a major religious and cultural celebration originating in the Indian subcontinent, primarily observed by Hindus, Sikhs, and Jains. Its history is rooted in ancient legends, such as the return of Lord Rama to his kingdom after 14 years of exile. The five-day festival, which symbolizes the spiritual victory of light over darkness and good over evil, is marked by the lighting of oil lamps, fireworks, feasts, and the exchange of gifts.