In a major overhaul, the Reserve Bank of India (RBI) is going away from the existing batch-processing model (which takes up to two working days). A new framework known as a continuous clearing and settlement on realization framework will become effective from tomorrow, October 04. It is Phase 2 of the major overhaul of the cheque clearing system across the country, which is divided in 2 phases.

The Continuous Clearing and Settlement on Realisation will ensure cheque clearance within a few hours, reduce settlement risks and improve efficiency and customer experience.

Instead of fixed-batch cycles, the cheques will be scanned, presented and cleared in real-time processing during business hours (10:00 Am to 4:00 PM).

This will help customers to get funds through cheques on the same day, ty

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