RBI took a big decision, now your cheque will be cleared by the bank soon

The Reserve Bank of India has taken a big decision in the monetary policy today. RBI has instructed banks to reduce the time limit for check clearing. Currently, it takes 1 to 4 days for a check to be cleared. Now the central bank has instructed to reduce the time for check clearing to a few hours. This decision will benefit crores of employees and common people.
What order did RBI give?

The Monetary Policy Committee (MPC) headed by the Reserve Bank of India (RBI) has suggested several measures to complete check settlement within a few hours. Announcing the results of the bi-monthly policy meeting, Governor Shaktikanta Das said that checks will be scanned, submitted and passed within a few hours and this work will be done continuously during working hours. The central bank said that detailed guidelines in this regard will be announced soon.

The main goal is to improve the customer experience
The decision is aimed at increasing the efficiency of check clearance and reducing settlement risk for participants. The governor further said that the main objective of this decision is to improve customer experience. Das elaborated that it is proposed to change CTS from the current approach of batch processing to continuous clearance with on-realisation-settlement.
Guidelines will be issued soon
– The new system allows checks to be checked, presented and cleared continuously during business hours instead of the current batch processing method.
– Currently the Check Truncation System (CTS) operates with a clearing cycle of two days, known as T+1.
– The shift to continuous cheque clearing with on-realisation-settlement is designed to improve the efficiency of cheque processing and reduce settlement risk for all participants involved in the process.
– Governor Das emphasized that this initiative is aimed at enhancing customer experience by offering faster cheque clearance.
– Detailed guidelines on the new cheque clearing process will be issued soon.