New DelhiA few moments ago
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The RBI is going to make a big change in the check clearance system. Under this, money will come to the account after a check process in a few hours from October 4. Currently, it takes up to 2 days to clear the check.
This new system is ‘Continuous Clearing and Settlement’. After its implementation, banks will scan the check, present and pass in a few hours. All this work will be done in the working hours of the bank.
Learn the full details in question and answer here …
Question 1: Will the check money be found on the same day? answer: Yes, this will happen in most cases. If you submit checks in the morning, money can come to your account by noon or evening on the same day. This is the entire game to intensify the check tranquility system (CTS).
Question 2: What is a check tranquility system ie CTS? answer: CTS is the system in which the physical copy of the check does not need to be sent here and there. The check is scanned and its digital image is made, and the image goes from bank to bank. Now RBI has made it smarter so that processing is faster.
Question 3: Will any new charge have to be paid for this? answer: So far there is no special information about this that there will be a new charge. The focus of RBI is simply to make the process faster and easier. Banks also have to be ready to adopt this new system.
Question 4: Why has RBI take this step? answer: This step will further promote Digital India. When the checks are cleared so quickly, people will use digital payments as well as checks with confidence. This step has been taken to further strengthen the banking system.
