Now you will not have to wait for a long time for check clearance. Yes, now your check will be cleared in a few hours and the money will be transferred to your bank account. The Reserve Bank of India has decided to take steps to reduce the time taken in check clearing to a few hours and reduce the risk associated with it.
Right now it takes 2 days for the check to clear
Currently, it takes at least two days from the time a cheque is deposited to the time the cheque is cleared. But in the new system, the cheque will be cleared within a few hours of depositing it. RBI Governor Shaktikanta Das announced this while announcing the third monetary policy review of the financial year 2024-25 on Thursday.
Proposal for change in check truncation system
Shaktikanta Das said, “It is proposed to change the existing system of Check Truncation System (CTS) with the objective of improving check clearing, reducing settlement risk and providing better services to customers.” He said that in the new system, instead of processing in ‘batches’ under the existing CTS system, clearance will be arranged on a continuous basis during working hours.
Checks will be scanned in the new system
According to RBI, “In the new system, the check will be scanned, presented and cleared within a few hours. This will allow the check to be cleared in a few hours, whereas currently it takes up to two days (T+1). Shaktikanta Das said that detailed guidelines in this matter will be issued soon.
Increase in UPI limit for tax payment
Apart from this, RBI Governor Shaktikanta Das made many other big announcements today. He said that now the limit of tax payment through UPI is being increased from Rs 1 lakh to Rs 5 lakh. Apart from this, today he announced to keep the repo rate stable at 6.5 percent for the 9th consecutive time.
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