India Morning News
Mumbai: Reserve Bank of India (RBI) has changed way cheques are cleared. From Oct 4, cheques will be processed the same day instead of waiting two or three days.
How New System Works
Cheques deposited between 10 AM and 4 PM will be scanned and sent to the clearing house immediately.
Banks must confirm these cheques by 7 PM.
If bank does not respond on time, the cheque will be cleared automatically.
From January 3, 2026, banks will have only three hours to confirm a cheque making process even quicker.
New rule will start in Delhi, Mumbai and Chennai and later spread to the rest of the country. This step will make banking faster and more customer friendly.
Extra Safety for Large Cheques
For high value cheques, RBI has made Positive Pay System compulsory. Customers must share cheque details with their bank before it is processed. This will reduce the risk of fraud.
Benefits for Customers
Money from cheques will be available on the same day.
Cash flow will improve for businesses.
Banking will become faster, safer and more reliable.
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