New Delhi: The Reserve Bank of India (RBI) will roll out a new system, effectively from October 4, to enable cheque clearance within a few hours of being presented, cutting down the current waiting time of up to two working days.

Under the new process, cheques will be scanned, transmitted, and cleared continuously during business hours, allowing faster settlements. This change will shorten the existing T+1-day clearing cycle under the Cheque Truncation System (CTS) to just a few hours.

Currently, Cheque Truncation System (CTS) processes cheques with a clearing cycle of up to two working days Next Article

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