8/8/2024, 12:02:03 pm

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

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'.