It will now take only 2 hours for any cheque to be cleared. The Reserve Bank of India (RBI) has announced steps aimed at reducing the time taken for cheque clearing to a few hours and reduce the risks associated with it. At present, it takes about two days from depositing the check to the amount coming to the bank account, but in the new system, it will be ‘cleared’ within a few hours of depositing the cheque.
RBI makes cheque clearing easier
Former RBI Governor Shaktikanta Das said, “With a view to streamlining cheque clearing, reducing settlement risk and providing better services to customers, changes are proposed to be made in the current process of Cheque Truncation System.” He said that under the existing CTS system, there will be a system of clearing on a continuous basis in business hours instead of processing in batches.
Your check will now be cleared quickly
According to the RBI, “In the new system, cheques will be scanned, presented and cleared in a few hours… This will allow the cheque to be cleared in a few hours, whereas it takes up to two days (T plus 1).”
Not only that, The RBI has increased the transaction limit of UPI from Rs 1 lakh to Rs 5 lakh. Apart from this, many people can use a UPI account.
Transferring funds from one bank account to another will become easier from Monday. Until now, customers had this facility only until a specified time. But the RBI has changed the rules, due to which banks will provide their customers with the National Electronic Funds Transfer (NEFT) facility 24 hours a day from December 16.
According to the instructions of the Reserve Bank of India (RBI), from December 16, bank customers will be able to transfer money from one account to another through NEFT on any day and at any time. This means that the facility for online transactions through NEFT will be available at any time, including holidays, seven days a week.
