From October 4, 2025, RBI will mandate banks to clear cheques within hours instead of up to two days. The Cheque Truncation System will shift to continuous clearing in two phases, enhancing efficiency, reducing settlement risks, and improving customer experience
The RBI has proposed standardised forms and uniform procedures for settling claims related to deceased customers’ accounts and lockers within 15 days, including compensation for delays, to streamline processes and improve customer service across all banks
