New Delhi: The Reserve Bank of India (RBI) has implemented a new cheque clearance system, effective from October 4.<\/p>\n
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.<\/p>\n
According to the new mechanism, banks will scan cheques electronically, allowing funds to be deposited into the recipient\u2019s account within hours of submission.<\/p>\n
Meanwhile, banks have advised customers to ensure sufficient balance in their accounts to avoid cheque bounces under the faster clearing process.<\/p>\n","protected":false},"excerpt":{"rendered":"
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, […]<\/p>\n","protected":false},"author":4,"featured_media":52361,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1513,19,37],"tags":[9811,9812,9810,9808,9809,9807,9806],"class_list":["post-52360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest","category-national","tag-allowing-funds-to-be-deposited-into-the-recipients-account-within-hours-of-submission-meanwhile","tag-banks-have-advised-customers-to-ensure-sufficient-balance-in-their-accounts-to-avoid-cheque-bounces-under-the-faster-clearing-process","tag-banks-will-scan-cheques-electronically","tag-called-continuous-clearing-and-settlement","tag-cheque-payments-will-now-be-processed-within-a-few-hours-instead-of-the-earlier-two-day-clearance-period-according-to-the-new-mechanism","tag-effective-from-october-4-under-the-new-rule","tag-new-delhi-the-reserve-bank-of-india-rbi-has-implemented-a-new-cheque-clearance-system"],"yoast_head":"\n