The Reserve Bank of India (RBI) announced plans to cut bank cheque clearing times to just a few hours. RBI Governor Shaktikanta Das revealed the neew continuous 'on-realisation-settlement' mechanism ...

RBI clarified how cheque truncation and continuous clearing speed up settlements by using electronic images instead of physical cheques. The FAQs outline timelines, safeguards, and customer ...

Mumbai: The RBI will introduce a new mechanism from October 4 for clearance of cheques within hours of being presented to banks, reducing the current time period of up to two working days. Cheques ...

Questions are emerging over the efficiency of the much touted cheque truncation system. It had been expected that with the new system in place, bank customers countywide would enjoy shorter cheque ...

In Phase 1, starting from October 4, there will be a single cheque presentation session between 10 am to 4 pm during which banks will scan and send cheques to the clearing house continuously. The ...

In CTS, banks use scanned copies of cheques for settlement instead of the physical copy making the clearing process partially electronic Clearing of bank cheques is set to become faster. In its sixth ...

In fact, the Reserve Bank is implementing cheque clearance in two phases. The first phase, which began on October 4th, will allow cheques deposited in the morning to be cleared within a single day.