Banks to clear cheques within few hours from Oct 4: RBI
Mumbai, Aug 13 (PTI): The RBI will introduce a new mechanism from October 4 for clearance of cheques within hours of being presented to banks, reducing the current time period of up to two working days.
Cheques will be scanned, presented, and passed in a few hours and on a continuous basis during business hours. The clearing cycle will be reduced from the present T+1 days to a few hours.
Cheque Truncation System (CTS) currently processes cheques with a clearing cycle of up to two working days.
To improve the efficiency of cheque clearing and reduce settlement risk for participants, and to enhance customer experience, the RBI has decided to transition CTS from the current approach of batch processing to continuous clearing with 'on-realisation-settlement'.
The Reserve Bank of India (RBI) has issued a circular for introduction of Continuous Clearing and Settlement on Realisation in CTS.
"It has been decided to transition CTS to continuous clearing and settlement on realisation in two phases. Phase 1 shall be implemented on October 4, 2025 and Phase 2 on January 3, 2026," it said.
There will be a single presentation session from 10:00 AM to 4:00 PM.
Cheques received by the branches shall be scanned and sent to the clearing house by the banks immediately and continuously during the presentation session, RBI said.
"For every cheque presented, the drawee bank shall generate either positive confirmation (for honoured cheques) or negative confirmation (for dishonoured cheques)," it said.
During Phase 1 (from October 4, 2025 to January 2, 2026), drawee banks will be required to confirm (positively/negatively) cheques presented on them, latest by the end of the confirmation session (7:00 PM), else those will be deemed to have been approved and included for settlement.
In Phase 2 (from January 3, 2026), the item expiry time of cheques shall be changed to T+3 clear hours.
Giving an example, the RBI said the cheques received by drawee banks between 10:00 AM and 11:00 AM will have to be confirmed positively or negatively by them by 2:00 PM (3 hours from 11:00 AM).
Cheques for which confirmation is not provided by the drawee bank in the prescribed 3 hours shall be treated as deemed approved and included for settlement at 2:00 PM.
RBI further said that on completion of settlement, the clearing house will release the information of positive and negative confirmations to the presenting bank.
"The presenting bank shall process the same and release the payment to the customers immediately, but not later than 1 hour from successful settlement, subject to usual safeguards," it said.
RBI directed banks to make their customers adequately aware of the changes in the cheque clearing process.
Banks have also been asked to be in readiness to participate in continuous clearing in CTS on the prescribed dates.
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Godman Ashok Kharat seems linked to Ajit Pawar plane crash, CID should probe: Rohit Pawar
Pune (PTI): NCP (SP) MLA Rohit Pawar on Tuesday alleged that Nashik-based godman Ashok Kharat is prima facie linked to the fatal plane crash involving his uncle and then Maharashtra Deputy Chief Minister Ajit Pawar, and demanded his interrogation by the CID.
Speaking to reporters after visiting the CID office in Pune to take stock of the status of the plane crash investigation, he alleged that some occult rituals had been performed outside late Ajit Pawar's house through a small political leader in Baramati.
"A goat was found hanging near Ajitdada's house. Kharat had told a farmer that an attack on the Pawar family could happen in the near future. A small political leader from Baramati used to visit Kharat for rituals and was in contact with leaders close to Ajitdada," he alleged.
Why was there a sudden increase in transactions in Kharat's account on January 27 and 28? he asked.
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Kharat was arrested in March for allegedly sexually exploiting several women and cheating people.
"Kharat's involvement appears to be linked to Ajit Pawar's accident, and the CID should investigate him. Kharat had stored some videos for blackmail, while video clips of common women have surfaced," Rohit Pawar added.
On the status of the CID probe, Rohit Pawar said he visited the office to submit "some evidence" regarding the fatal plane crash.
"It's been three months since the fatal plane crash. The first time we came, Sunil Ramanand (ADG, CID) was present. The second time, some other officers were there. Today, key officials were not present; they had gone to Mumbai for a cricket match," he said.
A Learjet 45 aircraft, operated by VSR Ventures Pvt Ltd, crashed at Baramati airport on the morning of January 28 while en route from Mumbai to Baramati, killing Ajit Pawar and four others.
Rohit Pawar had lodged the “Zero” FIR last month in Bengaluru under Section 173(1) of the Bharatiya Nagrik Suraksha Sanhita, weeks after the fatal incident.
He alleged that instead of conducting a proper investigation, they (CID officials) are talking about conducting an inquiry.
"The Directorate General of Civil Aviation has sent us information. The aircraft's technical records are stored in the FDA system. The National Transportation Safety Board has been involved in this case. Earlier, they said the CVR (Cockpit Voice Recorder) was burnt, now they are saying all the data has been downloaded. However, the real investigation should be handled by the CID," the NCP (SP) leader added.
ADG Ramanand had earlier said that the CID was already probing an Accidental Death Report registered with Pune Rural Police following the plane crash.
"The Zero FIR received from Bengaluru will be treated as a statement under Section 180 of the BNSS and factored into our probe,” he had said.
The Aircraft Accident Investigation Bureau (AAIB) under the Ministry of Civil Aviation is conducting a separate inquiry and submitted its preliminary findings on February 28.
