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For expeditious clearance of cheques, the RBI has introduced measure on Steady Clearing of Cheques beneath Cheque Truncation System (CTS). As soon as carried out cheques can be cleared inside hours of submission as a substitute of two days taken presently.
CTS presently processes cheques with a clearing cycle of as much as two working days. To enhance the effectivity of cheque clearing and cut back settlement threat for contributors, and to boost buyer expertise, it’s proposed to transition CTS from the present method of batch processing to steady clearing with ‘on-realisation-settlement’, RBI governor Shaktikanta Das introduced on Thursday (August 8) as extra measures after the monetary policy announcement.
“Cheques can be scanned, offered, and handed in a couple of hours and on a steady foundation throughout enterprise hours. The clearing cycle will cut back from the current T+1 days to a couple hours. Detailed pointers on this regard shall be issued shortly,” he added.
