New Delhi: The Reserve Bank of India (RBI) has implemented a new cheque clearance system, effective from October 4.
Under the new rule, called Continuous Clearing and Settlement, cheque payments will now be processed within a few hours instead of the earlier two-day clearance period.
According to the new mechanism, banks will scan cheques electronically, allowing funds to be deposited into the recipient’s account within hours of submission.
Meanwhile, banks have advised customers to ensure sufficient balance in their accounts to avoid cheque bounces under the faster clearing process.
