By Admin 
Rbi new rule: The Reserve Bank of India has given relief to crores of customers by changing the rules of depositing checks in banks. This will benefit those who usually pay by check. Check clearance takes a long time in our country’s banking system. That is, it takes 2-3 days to get money in the account on payment by check. Due to this delay, there are problems for those people or traders who usually pay or take a check on check. However, this will not happen now.
Clearance system will gain momentum
The Reserve Bank of India (RBI) is going to bring a fast clearance system. With this, money will come in the account after a few hours of depositing the check. From October 4, 2025, the time taken in check clearance process will be reduced to a great extent. This change will be under the check tankation system (CTS). Where till now it took T+1, ie Till the next Working Day to clear the check. If the check is from another bank, it takes up to three days. At the same time, now the entire clearance process will be reduced to a few hours.
Clearing will continue throughout the day
According to the RBI circular, this new system will be known as ‘Continuous Clearing and Settlement on Realization’. That is, there will be frequent clearing during functioning in banks. Since till now, processes were made in check batch under check tankation system (CTS), so it used to take time for clearance. Whereas under this new system, the check scanned in the bank from 10:00 am to 4:00 pm will be sent to the clearing house immediately. This will speed up the process.
Rules will be more strict in the second phase
The new system will be implemented in two stages. The first phase will begin on October 4, 2025 and the second phase will begin on January 3, 2026. In the first phase, banks will have to do positive or negative verification of checks by 7 pm. No timely verification checks will be considered as approved and they will be included in the settlement.
At the same time, in the second phase, rules will be made more strict. In this, the verification of the check will have to be done in 3 hours. If the bank gets a check between 10:00 am to 11:00 pm, then it will get time for verification till 2:00 pm. After the completion of the settlement, the clearing house will send confirmation details to the bank and the money will be sent to the customer immediately.
It has to be kept in mind that it should not take more than one hour after settlement in sending money. Its purpose is to reduce the risk of settlement, improve efficiency and provide more better to customers.
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Do you also have an account in SBI? This rule is going to change from August 15; Case is related to online payment