RBI-led Monetary Policy Committee (MPC) proposed several measures to speed up clearance of cheques to a few hours, said governor Shaktikanta Das, while announcing the results of the bi-monthly policy meet.
The RBI governor said that cheques will be scanned, presented, and passed in a few hours and on a continuous basis during business hours.
"The clearing cycle will reduce from the present T+1 days to a few hours. Detailed guidelines in this regard shall be issued shortly," he added.
Currently, Cheque Truncation System (CTS) processes cheques with a clearing cycle of up to two working days.
The move aims to improve the efficiency of cheque clearing and reduce settlement risk for participants.