The Reserve Bank of India (RBI) announced a new cheque clearing mechanism aimed at reducing the clearance time from two days to just a few hours. Governor Shaktikanta Das shared this update during the Monetary Policy Committee (MPC) announcements on Thursday.
Key Highlights
- Current Clearing Time: Two working days
- New Proposal: Continuous clearing system to reduce the cycle
- Expected Outcome: Cheques will be cleared within a few hours on the day of presentation
Governor Das emphasized that the new system will significantly speed up the cheque clearing process, benefiting customers and improving the efficiency of banking operations. This initiative is part of RBI’s ongoing efforts to enhance the country’s financial infrastructure and provide better service to bank customers.
#RBIPolicy | @RBI to set up a new cheque clearing mechanism. Governor @DasShaktikanta says that a new system in works to cut down the cheque clearance time from 2 days to a few hours. pic.twitter.com/ZFn03CNp9g
— CNBC-TV18 (@CNBCTV18News) August 8, 2024
The new mechanism will introduce continuous clearing, ensuring that cheques are processed promptly on the day they are presented. This change is expected to streamline banking operations and reduce the waiting time for funds to be available in the account.
Summary Table
| Aspect | Current System | Proposed System |
|---|---|---|
| Clearing Time | Two working days | Within a few hours |
| Method | Batch clearing | Continuous clearing |
| Announcement By | Governor Shaktikanta Das | Governor Shaktikanta Das |
| Impact | Faster access to funds | Increased efficiency |
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