Continuous Clearing Of Cheques:
The Reserve Bank of India (RBI) has announced the implementation of Continuous Clearing of Cheques under the Cheque Truncation System (CTS), aimed at speeding up the cheque clearing process.
- Currently, CTS takes up to two working days to clear cheques.
- With the new system, cheques will be scanned, presented, and cleared within hours on a continuous basis during business hours, significantly reducing the clearing time.
- This change is intended to improve efficiency, reduce settlement risk, and enhance customer experience.
