RBI to clear your cheques in hours, not days
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RBI slashes cheque clearing time
The Reserve Bank of India announced via its Monetary Policy Committee that the cheque clearing cycle will be shortened from T+1 days (up to 2 working days) to just a few hours, improving efficiency and customer experience.
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What’s changing in the Cheque Truncation System?
Under the old system, cheques were processed in batches (T+1). The new system introduces continuous clearing with on-realisation-settlement, meaning cheques get scanned, presented and approved in hours during business hours.
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Cheques to match NEFT and RTGS speeds
RBI says the new clearing time brings cheque settlement closer to real-time systems like NEFT and RTGS, making payment from payer to payee nearly seamless and faster.
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How customers and banks benefit
Faster customer payouts, reduced settlement risk for banks, lower operational costs and improved liquidity, all thanks to replacing physical cheque movement with electronic image-based clearing via CTS.
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When will faster cheque clearing start?
RBI has confirmed detailed guidelines will be released soon to implement the new system across banks. Until then, CTS still operates in batch mode.