The Reserve Bank of India (RBI) introduced a significant change in the banking sector on Thursday, announcing that cheques will now be cleared within a few hours instead of days. The statement from the RABI Governor Shaktikanta Das came while announcing the repo rate, which remained unchanged for the ninth consecutive time. According to the sources, the quick clearance of the cheque aims to enhance the efficiency and speed of banking transactions, benefiting millions of account holders across the nation.#WATCH | RBI Governor Shaktikanta Das says ...The Monetary Policy Committee decided by a 4:2 majority to keep the policy repo rate unchanged at 6.5%. Consequently, the standing deposit facility (SDF) rate remains at 6.25%, and the marginal standing facility (MSF) rate and the… pic.twitter.com/2bNLZVr03S— ANI (@ANI) August 8, 2024Less time for the cheque clearanceIn a recent statement, the RBI highlighted that this new system will drastically reduce the time it takes for cheques to be processed and cleared. The central banks initiative is part of its ongoing efforts to modernize and streamline banking operations, making them more user-friendly and efficient.Impact on Banking CustomersFor customers, this means quicker access to funds, leading to better cash flow management and increased convenience. Traditionally, cheque clearance has taken anywhere from two to five days, often causing delays in financial planning and transactions. The new system promises to alleviate these issues by ensuring that funds are available within hours of depositing a cheque. Apart from this, the governor also enhanced the transaction limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction that will further ease tax payments by consumers through UPI.As per experts, the groundbreaking change by the RBI marks a new era in the Indian banking sector, promising to deliver faster and more reliable services to customers nationwide. With cheques being cleared within hours, the efficiency and convenience of banking transactions are set to improve significantly.
