RBI Cheque Clear- A big change is being made in the RBI Cheque clearance system. Under this new change, from October 4, the check process will be completed in a few hours and the balance will be transferred to your account. Currently, it takes 2 days for the check to be cleared. Now soon a big change will be made in this process. In today’s news, we are going to give you information about this update related to RBI check clearing and system.
RBI Check Clearance System is a new Continuous Clearing and Settlement System. After its implementation, the check will be scanned, presented and passed within an hour. All this work will be completed easily during the working hours of the bank. In most cases, the money for the check will be received on the same day. If you deposit the check in the morning, then the money will be transferred to your account by afternoon or evening on the same day.
CTS is a system in which there is no need to send physical copies of the cheque here and there. The cheque is scanned and its digital image is made. Then this image is sent from bank to bank. Now RBI has made it even smarter, due to which its processing will become much faster than before.
So far no information has been revealed about whether any charge will be levied for this new process or not. These new changes have been incorporated by RBI to make its banking system even better.