Banking reforms: RBI to clear cheques within hours from October 4, move to continuous settlement to cut delays
The Reserve Bank of India (RBI) will introduce a new system from October 4 to clear cheques within hours of being presented, sharply reducing the current window of up to two working days.The move will transition the existing Cheque Truncation System (CTS) from batch processing to a ‘continuous clearing and settlement on realisation’ model, aimed…
