Even in the era of modernisation, consumers still have to rely on cheques for big money transactions. The years old method is undoubtedly effective but take multiple days to complete. This is going to change. From tomorrow, as per media reports, a new system is going to be on effect by the Reserve Bank of India (RBI). With the help of the new system, consumers can quickly, within few days can transfer a big amount of money through cheques. This step by the RBI will definitely help the consumers to transaction their money with a more quick method and secure way as well.
Only a couple of days to clear a transaction through cheque?
From October 4th, the RBI will introduce a new cheque clearing system. The batch process will be replaced by continuous clearing and settlement on realization.
This new rule of RBI will be implemented in two phases-
In the first phase, all banks must clear or reject cheques by 7 p.m. tomorrow, October 4th, until January 3rd, 2026. If the bank fails to do so, the check will be considered cleared.
In the second phase, all banks will have only three hours to clear or reject bank checks, starting January 3, 2026. If a cheque is sent at 10 a.m., it will need to be cleared by 2 p.m. This change in cheques clearing by the RBI will be implemented in every bank. If implemented properly, people will now use bank checks for transactions.
What will be the benefit to the customers?
The money will already reach them.
Many businesses that use checks will be able to process payments quickly.
It will be easy to check the check status.
The customer will have to remain in touch with the banks until the cheque is cleared.