New Cheque Clearing System: RBI changed the rules regarding cheque clearance, Now the money will be transferred in a few hours

Cheque Rules: If you deposited a cheque, wait for the next two working days, then your cheque will be cleared and your money will be deposited in your account, but now this will not happen. The money will be transferred to the account wherever you deposited the cheque, the Reserve Bank of India has decided to change the rules of cheque clearance.

New Cheque Clearing Rules: If you deposit a cheque, wait for the next two working days, then your cheque will be cleared and your money will be deposited in your account, but now this will not happen. The money will be transferred to the account wherever you deposit the cheque. The Reserve Bank of India has decided to change the rules of cheque clearance. From October 4, the time limit for cheque clearance will be reduced from 2 working days to just a few hours.

New rule for cheque clearance

The Reserve Bank of India announced the conversion of the Cheque Truncation System (CTS) to Continuous Clearing and Settlement on Realisation. This will reduce the time taken for cheque clearance in the bank from two days to just a few hours. This step has been taken by the central bank to speed up the cheque clearing system. What has happened to ICICI Bank, first kept ₹ 50000 in the account, now will charge ₹ 150 for withdrawing and depositing cash, ATM transaction charge also increased

New rule will be implemented from October 4

In the information given by RBI, it was told that the new system will be implemented in two phases. The first phase will be applicable from October 4, 2025 to January 3, 2026, while the second phase will be implemented from January 3. Giving detailed information about the working of the new system, RBI said that there will be a single presentation session in which the check will have to be presented from 10 am to 4 pm. Under this, the bank receiving the check will have to scan the check and send it to the clearing house. After this, the clearing house will send the image of that check to the bank paying the amount. After this, the conformation session will be from 10 am to 7 pm. In this, the bank paying the amount will have to give a positive or negative conformation on that cheque.

The big thing here is that every cheque will have an ‘item expiry time’, by which time it is necessary to give the conformation. RBI said that in the first phase of Continuous Clearing and Settlement on Realization, the ‘item expiry time’ for clearing the cheque for all the banks has been fixed at 7 pm. In the second phase, it will be reduced to three hours. This means that the bank will have to clear the cheque within three hours of its presentation. After the arrival of CTS, there will be no entry of the presentation of the cheque.

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