Seven infrastructure projects reviewed at 98th Network Planning Group meet
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Economic Times
an hour ago
- Economic Times
Banks to clear cheques within few hours from Oct 4: RBI
Synopsis Reserve Bank of India will launch a faster cheque clearing system. This new system aims to clear cheques within hours. The current process takes up to two working days. The new system will use continuous clearing. Phase 1 starts on October 4, 2025. Phase 2 begins on January 3, 2026. Banks must inform customers about these changes. ANI Representative image. Mumbai: The RBI will introduce a new mechanism from October 4 for clearance of cheques within hours of being presented to banks, reducing the current time period of up to two working days. Cheques will be scanned, presented, and passed in a few hours and on a continuous basis during business hours. The clearing cycle will be reduced from the present T+1 days to a few hours. Cheque Truncation System (CTS) currently processes cheques with a clearing cycle of up to two working days. To improve the efficiency of cheque clearing and reduce settlement risk for participants, and to enhance customer experience, the RBI has decided to transition CTS from the current approach of batch processing to continuous clearing with 'on-realisation-settlement'. The Reserve Bank of India (RBI) has issued a circular for introduction of Continuous Clearing and Settlement on Realisation in CTS. "It has been decided to transition CTS to continuous clearing and settlement on realisation in two phases. Phase 1 shall be implemented on October 4, 2025 and Phase 2 on January 3, 2026," it said. There will be a single presentation session from 10:00 AM to 4:00 PM. Cheques received by the branches shall be scanned and sent to the clearing house by the banks immediately and continuously during the presentation session, RBI said. "For every cheque presented, the drawee bank shall generate either positive confirmation (for honoured cheques) or negative confirmation (for dishonoured cheques)," it said. During Phase 1 (from October 4, 2025 to January 2, 2026), drawee banks will be required to confirm (positively/negatively) cheques presented on them, latest by the end of the confirmation session (7:00 PM), else those will be deemed to have been approved and included for settlement. In Phase 2 (from January 3, 2026), the item expiry time of cheques shall be changed to T+3 clear hours. Giving an example, the RBI said the cheques received by drawee banks between 10:00 AM and 11:00 AM will have to be confirmed positively or negatively by them by 2:00 PM (3 hours from 11:00 AM). Cheques for which confirmation is not provided by the drawee bank in the prescribed 3 hours shall be treated as deemed approved and included for settlement at 2:00 PM. RBI further said that on completion of settlement, the clearing house will release the information of positive and negative confirmations to the presenting bank. "The presenting bank shall process the same and release the payment to the customers immediately, but not later than 1 hour from successful settlement, subject to usual safeguards," it said. RBI directed banks to make their customers adequately aware of the changes in the cheque clearing process. Banks have also been asked to be in readiness to participate in continuous clearing in CTS on the prescribed dates.
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Business Standard
an hour ago
- Business Standard
TACC, CRRI partner to boost graphene use in durable road construction
LNJ Bhilwara Group firm TACC Ltd on Wednesday announced its collaboration with Central Road Research Institute (CRRI) to promote the use of graphene in road construction and infrastructure projects. This initiative will help redefine the road-building process, while driving the nation closer to its national and global sustainability goals, a statement said. The partnership aims to infuse graphene's properties into Indian pavements to deliver stronger and more durable roads, TACC, which produces graphene-based additives, said. TACC is positioning graphene as a strategic enabler in India's journey towards resilient, efficient, and climate-conscious infrastructure, complementing national initiatives like PM Gati Shakti and India's 2070 net zero emissions, it added. "Our partnership with CRRI ensures that cutting-edge research is translated into real-world impact, building roads that last longer, require less maintenance, and significantly reduce environmental footprint," Ankur Khaitan, Managing Director and Chief Executive Officer of TACC, said. Ambika Behl, Project Lead, CRRI, said, "The use of nano materials like graphene in road construction can help us tackle long-standing durability challenges while supporting the country's environmental goals." Graphene, a single layer of carbon atoms arranged in a hexagonal pattern is renowned for its extraordinary strength, superior conductivity, and light weight.
News18
2 hours ago
- News18
DGCA issues warning to Air India, seeks stricter compliance
New Delhi [India], August 13 (ANI): The Directorate General of Civil Aviation (DGCA) has issued a warning letter to Air India Ltd., cautioning the airline over violations of flight time regulations and advising its management to exercise the highest level of diligence in adhering to aviation safety regulator, during a spot check, found that Air India operated two Bangalore-London flights (AI133) on May 16 and 17, 2025, each exceeding the stipulated 10-hour maximum flight time under Civil Aviation Requirement (CAR) Section 7, Series J, Part warning letter issued by DGCA stated, 'During a spot check it was observed that Air India operated flights AI133 on May 16 and 17, 2025, both of which surpassed the 10-hour maximum flight time prescribed under Para 6.1.3 of the Civil Aviation Requirement (CAR) Section 7, Series J, Part III, Issue III dated April 24, 2019."The aviation regulator further noted that the airline's Accountable Manager failed to ensure compliance with key operational provisions specified in Annexure III of the CARs.'Whereas, it has further been noted that the Accountable Manager of M/s Air India Ltd. has failed to ensure compliance with the requirements as specified under Para 1 and Para 2.4 of Annexure III of the CARs, Section 3, Series C, Part II", the letter further stated. A Show Cause Notice was issued to Air India on June 20, 2025, under the Enforcement Policy and Procedures Manual (EPPM).'In view of the above, a Show Cause Notice was issued to Air India on 20 June 2025 under the relevant provisions of the Enforcement Policy and Procedures Manual (EPPM) for the aforementioned violations," the DGCA stated in the letter. After examining the airline's response, the regulator found it 'unsatisfactory in addressing the regulatory lapses and deficiencies noted."'The reply submitted by Air India in response to the Show Cause Notice has been duly examined and found to be unsatisfactory in addressing the regulatory lapses and deficiencies noted. Accordingly, the Accountable Manager of M/s Air India Ltd. is hereby warned and advised to exercise utmost diligence and responsibility in ensuring strict compliance with the applicable Civil Aviation requirements," the letter further said. In response to the DGCA warning letter issued to Air India, the airline spokesperson in a statement said, 'Air India is in receipt of the DGCA letter with regard to rostering issues on two long- haul flights reported in mid-May that arose due to a different interpretation of a permission that was granted to mitigate the border related airspace closure. This was corrected immediately after the right interpretation was conveyed to us. Air India remains fully compliant with the rules." (ANI)
