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Banks to clear cheques on same day from October 4, says RBI

From October 4, cheques will be cleared within hours under RBI’s new settlement framework. Positive Pay will play a key role in securing transactions.

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Reserve Bank of India

From October 4, customers will no longer have to wait for two working days to get their cheques cleared. Under the Reserve Bank of India’s (RBI) new settlement framework, cheques deposited will now be processed and cleared within a few hours on the same day.

Private banks begin same-day clearance

Private lenders including HDFC Bank and ICICI Bank have confirmed that they will implement the updated system from October 4. Customers have been advised to maintain sufficient balances to avoid cheque bounce and ensure accurate filling of details to prevent delays or rejection.

Positive Pay for enhanced security

Banks are encouraging account holders to use the Positive Pay System (PPS) for added security. Customers need to submit cheque details—such as account number, cheque number, date, amount, and beneficiary name—at least 24 working hours in advance for cheques above Rs50,000.
For cheques above Rs5 lakh, Positive Pay has been made mandatory. If the details provided do not match, clearance will be rejected, and the drawer will need to resubmit.

Faster process through CTS

Currently, banks use the Cheque Truncation System (CTS), which electronically transmits scanned cheque images to the drawee bank. While this eliminated the need for physical transfer, clearance usually took up to two working days when deposited through drop boxes or ATMs. The RBI’s phased move to continuous clearing aims to speed up the system—Phase 1 begins on October 4, 2025, and Phase 2 is scheduled for January 3, 2026.

Customer guidelines to avoid rejection

To ensure smooth processing, customers must:

  • Fill cheque details correctly without overwriting.
  • Ensure the amount in words and figures match.
  • Use a valid date.
  • Match their signature with bank records.

Cheques validated under Positive Pay are also protected under the RBI’s dispute resolution system.

India News

Meta to eliminate 8,000 jobs in major restructuring shift

A major controversy has erupted after Norway’s largest newspaper published a cartoon depicting PM Narendra Modi as a snake charmer, drawing widespread allegations of racism and a colonial mindset.

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In an effort to streamline operations and aggressively fund its pivot toward artificial intelligence, Meta Platforms has announced a fresh round of workforce reductions. The corporate decision will impact approximately 8,000 employees globally, translating to nearly 10 per cent of its total workforce. In addition to the workforce downsizing, the technology giant will also eliminate 6,000 currently open job positions across various teams.

Strategic reallocation toward advanced technology

According to an internal memo sent to staff by Chief People Officer Janelle Gale, the workforce adjustments are scheduled to take effect from May 20. Gale acknowledged that the announcement brings unwelcome news and places teams in an uneasy position, but maintained that the choice represents the best path forward given the company’s current operational demands. The organizational overhaul comes as the parent company of Facebook and Instagram drastically increases its capital expenditure to support high-cost AI infrastructure, models, and specialized technical talent.

The tech major has actively adjusted its spending trajectory, with projections for the current financial year mounting significantly to fund developments such as specialized data centers, high-performance automated software, and compensation packages intended to capture top-tier industry experts. Media reports indicate that the company is looking to build smaller, more agile product development structures that utilize advanced computing tools to achieve output targets traditionally requiring much larger operational divisions.

Corporate focus shifts to lean operations

Chief Executive Mark Zuckerberg has previously emphasized that advanced digital tools are altering internal production cycles, allowing smaller engineering units to deliver applications in shorter timeframes. While leadership maintains that automation is intended to enhance worker output rather than entirely swap out human professionals, the sheer scale of the restructuring has triggered broader anxieties regarding corporate workforce security across the silicon landscape.

For the affected workforce in the United States, the organization has laid out a severance structure offering 16 weeks of base compensation alongside an additional two weeks of pay for every completed year of service. The company will also sustain health coverage for eligible workers and their dependents for a span of 18 months. For professionals impacted in international jurisdictions, severance support is expected to align with regional legal guidelines alongside dedicated immigration and career placement guidance. Finance Chief Susan Li noted that the enterprise continues to evaluate its optimal structural size as new technological implementation rapidly transforms the capacity and daily output expected from single personnel units.

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Mamata Banerjee says BJP will be removed from Centre in coming days

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West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee on Tuesday launched a sharp attack on the BJP-led central government, saying the party “will be removed from power in Delhi in the coming days” following the Trinamool Congress’s defeat in the 2026 West Bengal Assembly elections.

According to reports, Mamata Banerjee made the remarks during a meeting with TMC MLAs and senior party leaders at her Kalighat residence in Kolkata. She reportedly urged party workers not to lose morale and asked them to continue strengthening the organisation at the grassroots level.

The statement comes days after the BJP secured a historic victory in West Bengal, ending the Trinamool Congress’s long rule in the state. Senior BJP leader Suvendu Adhikari recently took oath as West Bengal’s first BJP chief minister after the party won a clear majority in the Assembly elections.

During the meeting, Mamata Banerjee also reportedly accused the BJP of using pressure politics and “bulldozer culture” against opposition parties. She signalled that the TMC would continue to oppose the BJP aggressively at the national level despite losing power in Bengal.

The political atmosphere in West Bengal has remained tense after the election results. Several TMC leaders have questioned different aspects of the polls, while the BJP has dismissed the allegations and described the result as a mandate for political change in the state.

The BJP’s victory marked a major political shift in Bengal politics. After years of emerging as the principal opposition force, the party finally crossed the majority mark in the 2026 Assembly election and formed the government in the state.

Political observers believe Mamata Banerjee’s latest remarks are aimed at keeping opposition unity alive nationally while the Trinamool Congress focuses on rebuilding its organisation in West Bengal after the electoral defeat.

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India News

Over 2,000 trucks stranded on Manipur’s NH-2 as Kuki and Naga blockades continue

Rival blockades by Kuki and Naga groups have disrupted movement on Manipur’s NH-2, leaving thousands of trucks stranded and affecting essential supplies.

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Thousands of trucks remained stranded along National Highway-2 in Manipur as rival blockades and shutdowns by Kuki and Naga organisations continued, severely affecting the movement of essential supplies and passenger vehicles across the state.

The crisis follows tensions triggered by the May 13 ambush incident in the hill districts, which led to allegations of abduction and detention from both communities. The parallel protests have disrupted transport on NH-2, considered one of Manipur’s key lifelines connecting the state with Nagaland.

The United Naga Council announced an inter-district economic blockade in Naga-inhabited areas, claiming that several Naga civilians, including pastors, are still missing despite search operations and repeated appeals to authorities.

At the same time, Kuki Inpi Manipur extended its shutdown for another 48 hours, alleging that the government had failed to rescue missing Kuki persons reportedly taken hostage in Senapati district.

The prolonged blockade has caused major hardship for truck drivers and passengers stranded on the highway, with reports of shortages of food, drinking water and other essentials. Local residents, Assam Rifles personnel and transport unions have been assisting stranded travellers with relief materials.

Officials said security forces have intensified search and domination operations in vulnerable areas of Churachandpur and Kangpokpi districts following intelligence inputs regarding militant movement. Surveillance and combing operations have also been stepped up in sensitive hill regions to restore normalcy.

Authorities earlier stated that over 38 people were initially reported missing after the violence, though 32 individuals have since returned safely. Efforts are continuing to trace those who are still unaccounted for.

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