Following a recent representation by the Gujarat Urban Co-operative Banks Federation (GUCBF), the National Urban Co-operative Finance and Development Corporation Ltd. (NUCFDC), an umbrella organization representing urban co-operative banks (UCBs) across the country, has written to the Reserve Bank of India (RBI), seeking temporary deferment of the newly introduced Continuous Clearing System (CCS).
In a detailed letter addressed to the Chief General Manager, Department of Payment and Settlement Systems, RBI, NUCFDC expressed gratitude to the central bank for introducing CCS, calling it a progressive step toward enhancing operational efficiency and customer convenience.
However, the corporation highlighted several operational challenges being faced by UCBs during the transition phase.
Among the key issues raised are delays in file receipt, late return clearing files, incomplete and multiple clearing files, time gaps between outward and inward clearings, and slow responses from stakeholders. The corporation noted that these issues have caused customer inconvenience and operational hurdles at the branch level.
Considering the upcoming Diwali season, when cheque volumes typically surge, NUCFDC has urged the RBI to temporarily defer CCS implementation until the identified issues are resolved and the process is stabilized. The corporation expressed confidence that the RBI will take the matter under sympathetic and urgent consideration in the interest of cooperative banks and their customers.
My account deposit
Not defer. We have to go back to traditional method of clearing
If no credit is allowed the whole banking system will collapse.