The Chamber of Associations of Maharashtra Industry & Trade (CAMIT) has urged Union Finance Minister Smt. Nirmala Sitharaman to take immediate corrective measures following widespread disruption in the newly introduced same-day cheque clearing system, which has caused serious liquidity challenges for traders, industrialists, and MSMEs across Maharashtra.
In a representation submitted to the Finance Minister and the Principal Revenue Secretary (Banking), Department of Financial Services, CAMIT highlighted that the system, though well-intentioned, has been plagued by major technical glitches since its rollout, resulting in complete stoppage of cheque clearance in several banks over the past few days.
“Payments worth several crores have remained uncleared, leading to severe cash flow crises and forcing businesspersons to make repeated visits to their banks. While the objective of same-day clearing aligns with the government’s vision of digital efficiency, the unstable implementation has caused immense hardship to honest taxpayers and small enterprises that rely on cheque-based transactions,” said Dr. Dipen Agrawal, President of CAMIT.
CAMIT has made the following key recommendations to the Ministry of Finance:
1. Parallel Operation of Old Clearing System: Continue the earlier two-day clearing process for cheques up to ₹5 lakh until the new system stabilizes.
2. Business Continuity Protocol: Direct banks to automatically revert to the old system during technical failures to avoid transaction paralysis.
3. Stakeholder Consultation: Involve trade chambers, RBI, and NPCI in structured consultations to review challenges and implement a phased transition.
4. Public Communication: Ensure transparent communication from banks regarding downtimes and alternate arrangements to prevent confusion among customers.
Dr. Agrawal emphasized that the business community fully supports digital reforms and modernization of banking operations but called for a “smooth and stable transition mechanism” to protect trade liquidity and public confidence.
CAMIT reiterated its commitment to working with the government in realizing the vision of “Viksit Bharat 2047” by promoting inclusive growth and ensuring that systemic reforms translate into practical benefits for industry and trade.
For further information, please contact:
Dr. Dipen Agrawal President – Chamber of Associations of Maharashtra Industry & Trade (CAMIT) +91 98222 21621 | [email protected]
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