look news india
News India Live, Digital Desk: Banking Update: There is going to be a big change to make banking work even easier and faster! From October 4 Check clearing (Cheque Clearing) new rules are going to be implemented, after which your checks will be cleared only in ‘hours’ instead of days. This news is very good for all those who often use checks, whether they are small businesses, big companies, or Common People. The National Payments Corporation of India (NPCI) is going to implement it under the supervision of the Reserve Bank of India (RBI).
What is this new rule and how will it benefit?
Till now it used to take one or two days to clear the check, especially if there was a bank holiday in the middle, it took more time. But from October 4, a system of ‘image-based check clearing’ will start in all banks. This means that the check will not be required to send a bank to another physically. Rather, it will be cleared only on the basis of the picture of the check.
This system is all days of the week, ie Sunday and holiday work Will do your Money transaction (Money Transfer) will not be stuck anywhere. This will also give a lot of convenience to the customers and their money will reach their account more quickly than before. This is a revolutionary Digital banking (Digital banking) moves towards.
Who will get direct benefit?
This new system will benefit all check customers, including small businesses, companies, individuals, all types of banks and financial institutions.
- For small traders: Now they will not have to wait a long time to clear their payments, so that their Business transactions (Business transactions) and fast.
- For common man: Whether it is a check check or any payment, money will come to your account soon. From this Financial facility (Financial convenience) will increase.
- For companies: There will be fast in big transactions, which will also speed up their work.
Why was this change necessary?
Emphasis is being laid on continuous digitization and customer facility in the banking sector. current Check clearing system It was a big challenge to take time. Keeping this in mind, NPCI, which looks at the work of all retail payments in the country, has taken this step.
This step will ensure that any check (all check types) can be cleared at any time, which will increase liquidity in the system and Financial fraud (Financial fraud) will also be less likely. So be ready for this big change of October 4!