look news india
If someone owes you money, today you send it online through internet banking or UPI. But earlier it was not like this. Earlier if you had to pay someone, you had only 2 options.
Either you give the money in cash to that person. Or you can issue a cheque in the name of that person and give it to him. The cheque method was time consuming, you could have cashed the cheque yourself.
Generally, it takes at least 2 working days for any bank cheque to be cleared. But now this will not happen.
Reserve Bank of India (RBI) Governor Shaktikanta Das has given information about the change in this system.
He said that changes will be made in the check truncation system and under this, the check which used to take time to get cleared will no longer take time. Under the new system, checks will be scanned. And the money will reach the account within a few hours. All guidelines in this regard will also be issued soon.
