Here the check is deposited in the bank and it clears immediately.

Check Clearance: There is an important message for those who deposit or transact money in the bank through cheque. That means, now you deposit the check in any private or government bank of the country and your check clears within few hours. The Reserve Bank of India (RBI) has given this assurance while announcing the policy interest rate repo rate on August 8, 2024. RBI has announced that the check will be cleared within a few hours, reducing the time for check clearance to a few hours and reducing the risks associated with it. Currently, it takes two days to get the amount from the check deposit, but with the new system the check will clear within hours of deposit. RBI Governor Shaktikanta Das has said that there will be changes in the check cut pattern in the announcement of the third monetary policy review of the current fiscal year. It is proposed to change the CTS process to provide better services to the risk and customers. Under this, instead of batch processing under the existing CTS system, clearance will be arranged on a rolling basis during business hours, he said. Also Read: Tax burden on middle class eases, Nirmala Sitharaman's reply on Budget Soon RBI will issue guidelines, new system will allow check to be scanned and cleared within hours With this, check clearance will be done within hours, whereas currently it takes up to two days (T+1). Governor Shaktikanta Das said that the guidelines in this regard will be issued soon. Apart from this, RBI has proposed that banks submit reports about their customers to credit reference agencies every fortnight. Currently this report is issued once a month. Also read: Before you sleep, gold is cheap, silver doubles, a check deposited in a bank here, instantly cleared there.