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Mumbai: The Reserve Bank of India (RBI) is set to revolutionize cheque clearing with a new system that will allow customers to access funds within hours, replacing the traditional two to three-day waiting period. The system, named Continuous Clearing and Settlement on Realization (CCSR) , will be rolled out starting October 4.

Under this new framework, when a cheque is deposited, it will be scanned and sent immediately to the clearing house. The receiving bank will then verify and confirm the transaction, allowing the money to be credited to the depositor’s account on the same day. The process will operate from 10 a.m. to 4 p.m. across all Cheque Truncation Systems (CTS) in the country.

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