Bhubaneswar, Aug. 18 -- https://images.odishatv.in/uploadimage/library/16_9/16_9_0/bank-cheque_1626678821.jpg
The Reserve Bank of India (RBI) has issued fresh guidelines to speed up cheque settlements through the Cheque Truncation System (CTS). Under this mechanism, there will be no physical movement of cheques; instead, banks will use scanned images and electronic data for processing, enabling quicker and more efficient transactions.
All-Day Presentation Window
From October 4, 2025, banks will be required to scan cheques and forward their images, along with Magnetic Ink Character Recognition (MICR) details, to the clearing house between 10 am and 4 pm. The clearing house will then send these images to the respective drawee bank througho...