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The Reserve Bank of India proposes to reduce the current cheque clearing cycle of up to two working days to only a few hours, under an 'on-realisation-settlement' in the cheque truncation system, Governor Shaktikanta Das said today while detailing the outcome of the third Monetary Policy Committee meeting for 2024-25 (Apr-Mar). The current cheque truncation system processes cheques with a clearing cycle of up to two working days.
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