RBI : Banks to clear cheques within few hours from Oct 4

RBI : Banks to clear cheques within few hours from Oct 4

RBI will introduce a new mechanism from October 4 that will allow banks to clear cheques within hours of being presented.

Cheques will be scanned, presented and passed on a continuous basis during business hours, reducing the clearing cycle from the current two working days. From January 3, cheques' item expiry time shall be changed to T+3 clear hours.