New Delhi: The Reserve Bank of India (RBI) has proposed steps to speed up clearance of cheques to few hours, said Governor Shaktikanta Das on Thursday while announcing the outcome of the RBI MPC meeting August 2024.
At present, cheque clearing through Cheque Truncation System (CTS) operates in a batch processing mode and has a clearing cycle of up to two working days. It is proposed to reduce the clearing cycle by introducing continuous clearing with ‘on-realisation-settlement’ in CTS. This means that cheques will be cleared within a few hours on the day of presentation. This will speed up cheque payments and benefit both the payer and the payee.
RBI MPC announcements
Governor Shaktikanta Das said RBI MPC panel decided to keep the policy rate unchanged for the ninth time in a row at 6.5 per cent. He, however, acknowledged that the food inflation remains stubborn. The RBI paused the rate increase cycle in April 2023 after six consecutive rate hikes. The continued high food prices slowed the process of disinflation in Q1FY’25 and high food inflation also impacts household inflation expectation, Das said.
Announcing the third bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das MPC will remain watchful of elevated food inflation.
Das announced that the central bank will set up public repository of digital lending apps to check unauthorised players.
Another important announcement was that the RBI proposed a public repository of digital lending apps to check unauthorised players.
Governor Shaktikanta Das further informed the country’s forex reserves touched a record high of USD 675 billion on August 2.
The RBI also announced to raise the tax payment limit through UPI from Rs 1 lakh to Rs 5 lakh.
RBI MPC meeting August 2024: RBI proposes steps to speed up clearance of cheques to few hours, said RBI Governor Shaktikanta Das. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
