RBI’s same-day cheque clearing system went live on October 4. What used to take one or two days now happens in a few hours. Earlier, cheques cleared in fixed sessions. Now banks process them all day, between 10 AM and 4 PM. Deposit in the morning, and your money could hit your account by evening. Banks now settle cheques every hour starting 11 AM. They have until 7 PM to confirm them. After that, it’s auto-approved. Right now, we’re in phase one, running till January 2. During this time, banks g
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RBI Major Change! Check Clearance in HOURS: New 'Continuous Clearing' System from Oct 4 The Reserve Bank of India (RBI) is implementing a major change in the check clearance system starting tomorrow, October 4th. The new 'Continuous Clearing and Settlement' system will eliminate the mandatory two-day wait, processing checks within just a few hours. Major banks like HDFC and ICICI aim for same-day clearance. For this to happen, ensuring sufficient balance and accurate check details is crucial. Fu
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