RBI's Revamped Cheque Truncation System and New Financial Measures
| Key Point | Details |
|---|---|
| Cheque Truncation System (CTS) | Transition from batch processing to continuous clearing with on-realisation-settlement. Cheques to be scanned, presented, and passed in a few hours during business hours. Clearing cycle reduced from T+1 days to a few hours. |
| Public Repository of Loan Apps | Creation of a public repository of digital lending apps (DLAs) on the RBI website. Lenders to submit data directly, updated as new DLAs are added or existing ones are deleted. |
| Guidelines on Digital Lending | Guidelines issued on September 2, 2022, to protect customer interests, data privacy, and address concerns on interest rates, recovery practices, and mis-selling. |
| Fortnightly Credit Scores | Credit bureaus to provide credit information fortnightly, up from monthly, to give an updated picture of a borrower's indebtedness. Benefits both borrowers and lenders. |
| UPI Limits for Tax Payments | UPI payment limit for tax filing increased to Rs 5 lakh per day, up from Rs 1 lakh. Existing daily cap remains for other payments. |