Audio Interview: Reach, impact and size of UK motorsport industry
What does the Motorsport Industry Association do?What can you tell us about this year's CTS – the UK's leading Motorsport Engineering & Technology Show run by the MIA?What were the key findings from your recently published review of the UK Motorsport Valley?What are the top priorities for UK motorsport businesses?Where do the opportunities for future growth lie and what do the next 10 years of motorsport look like?
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NDTV
6 minutes ago
- NDTV
No More 2-Day Wait, RBI's New Rules To Ensure Cheque Clearance Within Hours
Bank customers will no longer have to wait two working days for cheque deposits to clear. Starting October 4, the Reserve Bank of India (RBI) will implement a faster settlement system promising funds in only a few hours. The central bank has announced that the Cheque Truncation System (CTS) will shift from batch processing to a continuous clearing and settlement model. The reform, titled 'Continuous Clearing and Settlement on Realisation', will be implemented in two phases. "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," the RBI said. Phase 1: From October 4, 2025 Cheques presented between 10 am and 4 pm will be scanned by banks and sent to the clearing house immediately. The drawee bank must confirm the status of cheques by 7 pm the same day. If a response is not received by the deadline, the cheque will be treated as approved and settled automatically. Phase 2: From January 3, 2026 The clearance window will be reduced to a three-hour turnaround. For example, cheques received between 10 am and 11 am must be cleared or declined by 2 pm. Once settlement is complete, presenting banks must credit customer accounts within one hour, subject to standard checks. The RBI said the new system will give customers faster access to funds, reduce settlement risks for banks, and improve overall transaction efficiency. Currently, cheque settlements can take up to two working days, delaying fund availability. Banks have been instructed to prepare for the transition and inform customers about the new timelines. The apex bank said the change will align cheque processing with modern digital banking practices, ensuring smoother and quicker fund transfers.
Time of India
15 hours ago
- Time of India
BM Finance Fundas: Same day or within hours, cheque clearance process to be overhauled
RBI In a bid to speed up the cheque processing time from the current T+1 settlement period,has announced that starting October 1, 2025, cheque handling will move away from the existing batch clearing method to continuous clearing with settlement on will be implemented in 2 phases. 'It has been decided to transition CTS to continuous clearing and settlement on realisation in two 1 shall be implemented on October 4, 2025 and Phase 2 on January 3, 2026,' the directive banks use the CTS, or Cheque Truncation system to process cheques. This system eliminates the need to physically transfer paper cheques between banks, which can take a lot of time. Instead, on the same day, it captures an electronic image along with other important details of the cheque and sends it to the drawee bank, the one responsible for paying the amount specified on the return cycle is completed the next day, after which the settlement takes place. Once the settlement process is done, the customer receives their funds. In other words, all this takes place within a day or two after the cheque is will be a single presentation session from 10 am to 4 pm, but the confirmation session will run from 10 am to 7 pm. This is an internal process for banks to handle and confirm cheques.'Cheques received by the branches shall be scanned and sent to the clearing house by the banks immediately and continuously during the presentation session', the circular added. The clearing house will release the cheque images to drawee banks on a continuous they get the cheque image, the drawee banks will then be required to process the cheques continually and in real-time. They also will have to let the clearing house know if the cheque was honoured or dishonored immediatelyafter processing. So for every cheque presented, the drawee bank will either provide a positive confirmation for honoured cheques, or negative confirmation for dishonoured ones.'Each cheque will contain the 'Item Expiry Time' which indicates the latest time by which confirmation for the presented instrument needs to be provided by the drawee bank', it added. During phase 1, this time has been set at 7 explained in the directive, 'During phase 1 (From October 4 to January 2, 2026), drawee banks shall be required to confirm (positively / negatively) cheques presented on them latest by end of confirmation session (i.e. 7:00 PM)'.It also adds that in the absence of any confirmation, the cheque will be 'deemed to have been approved and included for settlement'.During phase 2, 'settlement will be arrived every hour till the end of confirmation session, based on the positive confirmations received from drawee banks and cheques considered deemed approved', adds the January 2026, the item expiry time of cheques will also change from 7 pm to T+3 hours. This means that any cheque that has been presented for clearing at 11 am and 12 noon on a given day, will have to be confirmed eitherpositively or negatively by 3 pm i.e. 3 hours from 12 noon If the drawee bank does not provide confirmation for any cheque within these 3 hours, they will be deemed to have been positively confirmed for settlement.
New Indian Express
4 days ago
- New Indian Express
RBI asks banks to clear cheques within hours from Oct 4
MUMBAI: To improve customer convenience by reducing settlement risks by moving to a faster, real-time clearing process, (apart from the electronic format of NEFT and RTGS), the Reserve Bank has asked banks to clear cheques within hours, starting October 4. Currently, the cheque truncation system (CTS) clears cheques in one or two working days, depending on when they are presented. With the new system, the central bank said it will roll out a new system from October 4, 2025, which aims at improving customer convenience and reduce settlement risks by moving to a faster, real-time clearing process. The new system is over and above the electronic methods available to an accountholder in the form of NEFT which is meant for not big payments and the RTGS which is meant for larger amounts of fund transfers. Both these fund transfer modes clear a payment within an hour in some cases, depending on the bank, and some banks completes te payments almost instantaneously too depending on the system load at a given time. Apart from these two, there is also an instant payment method—again small amounts—under the IMPS window which is chargeable though.
