RBI to introduce speed clearing for outstation cheques

Mumbai, June 20 (UNI) The Reserve Bank of India (RBI) today said it will introduce 'Speed Clearing' for outstation cheques for all the member banks in the jurisdiction of Brihan-Mumbai Bankers' Clearing House (BBCH), from June 25.

Banks including public sector, private sector, cooperative and foreign banks, which are members of BBCH and have implemented centralised banking solution (CBS), can now locally pay outstation cheques of branches covered under CBS, without having to physically send the cheque to the branch of the drawee for clearing, RBI said in a statement today.

Outstation cheques drawn on branches covered under the CBS, will effectively be treated as local cheques for clearing purposes, saving time and cost of collection, thus benefiting the customers, RBI said.

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