Banking reforms: RBI to enable cheque clearance within hours from October 4, phased plan to cut settlement delays

The Reserve Bank of India is set to launch a faster cheque clearance system on October 4, 2025. This new system will significantly reduce the cheque processing time. Cheques will be cleared within hours of presentation. The current T+1 day cycle will be shortened. Banks must confirm cheques quickly, or they will be automatically approved.