RBI to reduce cheque clearing cycle from T+1 to a few hours
Thu, Aug 8, 2024 12:02 PM

RBI to reduce cheque clearing cycle from T+1 to a few hours

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The Reserve Bank of India proposes to reduce the cheque clearing cycle from T+1 days to within a few hours, transitioning to continuous clearing with 'on-realisation-settlement' to enhance customer experience and reduce settlement risk. The Monetary Policy Committee also kept the repo rate unchanged at 6.5% and maintained the stance of 'withdrawal of accommodation'.

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