Cheque Clearance Time Reduced: In his last announcement in the Reserve Bank’s MPC meeting today, the RBI Governor has given a big gift to the common people as well as the business class.
RBI has taken a big decision that it will take only a few hours for the cheque to be cleared, which currently takes 2 working days. This is great news for everyone from common people to business class, banks, institutions, education and financial world.
Cheque clearing cycle time reduced
Now it will not take 2 days for the cheque to be cleared but will be cleared in a few hours. Your cheque will be cleared on the day of presenting the cheque and as it will take only a few hours, many of your tasks will become easy. RBI Governor Shaktikanta Das said that this will benefit both the cheque givers and the money receivers i.e. the cheque payer and the cheque borrower and due to the whole process being faster, banking will also be positively affected.
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RBI Governor Shaktikanta Das gave the gift
RBI Governor Shaktikanta Das said that under the Cheque Truncation System (CTS), it is being proposed to reduce the Cheque clearing cycle which takes 2 working days to a few hours.
RBI did not reduce the repo rate – EMI will remain the same
RBI’s monetary policy committee once again did not make any change in the policy interest rates and decided to keep the repo rate stable at 6.5 percent. This means that the wait for the reduction in interest rate for your loan EMI will continue.
RBI also controls the digital lending ecosystem
RBI has decided to create a public repository of digital lending apps to curb illegal apps and it will be operated through a regulated entity. It will keep an eye on illegal digital lending apps and through their tracking will ensure that no illegal money is extorted from anyone. The announcement of the RBI Governor can also prove to be very helpful for the people facing problems in digital lending.
