Clearing cheques has always been a headache, will not any more! 1. Simply walk in the paying bank. 2. Present the crossed cheque at the counter. 3. Provide your account details. 4. Get the funds transferred into your account. Clearing time reduced from 48 hours to under 3 minutes. Facilitation regarding Paper-based Clearing Operations in the wake of COVID-19 To combat the potential spread of COVID-19 pandemic by limiting person-to-person interactions and to provide ease of services to the customers, Banks/MFBs are allowed to provide the following services to their customers: Direct Cheque Deposit Facility under which: A crossed cheque may be presented by payee/beneficiary directly into the paying/drawee bank, instead of their bank branches as per the existing practice. In this case, funds may be transferred by the paying/drawee bank either through RTGS customer fund transfer - MT102 or Over the Counter (OTC) IBFT or Bank...