Mumbai28 minutes ago
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The Reserve Bank of India (RBI) has proposed to reduce the check clearing cycle from T+1 day to within a few hours. Governor Shaktikanta Das gave this information during the statement of the Monetary Policy Committee on August 8.
The Check Truncation System currently processes cheques with a clearing cycle of 2 working days. For this, a batch clearing approach is adopted, which will be replaced by continuous clearing. That is, the process of cheque clearing will continue continuously during business hours.
The check is scanned, presented, and passed
In the check truncation system, the check is scanned, presented and passed. RBI will soon issue detailed guidelines on this new system.
Account holders will receive funds within a few hours
Continuous clearing is expected to increase check transaction efficiency. Customer experience will also improve as account holders will receive funds within a few hours. This change is expected to reduce the uncertainties associated with check-based transactions.
There is no change in interest rates for the 9th consecutive time
The Reserve Bank of India (RBI) has not changed the interest rates for the 9th consecutive time. RBI has kept the interest rates unchanged at 6.5%. That is, loans will not become expensive and your EMI will also not increase. RBI last increased the rates by 0.25% to 6.5% in February 2023.
RBI Governor Shaktikanta Das today, on Thursday, gave information about the decisions taken in the Monetary Policy Committee (MPC) meeting going on since August 6. This meeting is held every two months. RBI had earlier not increased the interest rates in the meeting held in June.
RBI’s MPC has six members. It comprises both external and RBI officials. Along with Governor Das, Rajiv Ranjan, an RBI official, serves as executive director and Michael Debabrata Patra is deputy governor. Shashank Bhide, Ashima Goyal and Jayant R Varma are external members.
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