RBI Policy
To cut cheque clearing cycle from 2 days to few hours
This story was originally published at 12:39 IST on 8 August 2024
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MUMBAI – The Reserve Bank of India proposes to reduce the current cheque clearing cycle of up to two working days to only a few hours, under an 'on-realisation-settlement' in the cheque truncation system, Governor Shaktikanta Das said today while detailing the outcome of the third Monetary Policy Committee meeting for 2024-25 (Apr-Mar). The current cheque truncation system processes cheques with a clearing cycle of up to two working days.
The proposed measure will improve the efficiency of cheque clearing, reduce settlement risk for participants and enhance customer experience, the RBI said.
Under the proposed measure, cheques will be scanned, presented, and passed in a few hours and on a continuous basis during business hours. The clearing cycle will be reduced from the present 'T+1' days to a few hours, as per the RBI.
Detailed guidelines on the proposed measures will be issued shortly, the central bank said. End
Reported by Pratiksha
Edited by Tanima Banerjee
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