The Reserve Bank of India has stated that cheque clearance will be expedited to within a few hours. Currently, the process takes approximately two to three days. This announcement was made by the governor of the Reserve Bank of India during the Monetary Policy Committee meeting. This expedited cheque payment method will benefit both the payer and the payee. This change is set to significantly reduce the time taken for cheque clearance and bring it closer to the rapid transfer speeds offered by National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS).
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