RBI plans to reduce cheque clearing time from 2 days to a few hours in the Cheque Truncation System.

RBI plans to reduce cheque clearing time from 2 days to a few hours with continuous clearing and 'on-realisation-settlement' in the Cheque Truncation System (CTS). This move aims to improve cheque clearing efficiency, reduce settlement risk for participants, and enhance customer experience. The RBI will issue detailed guidelines for this change soon.