Saturday, September 12
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 cir
SpiceJet signed a lease agreement for five additional Boeing 737 aircraft to bolster its fleet ahead of the Winter 2025 travel season, the company said in an exchange filing on Wednesday. The move takes the airline’s total planned new inductions to 10 aircraft.The carrier said most of the newly leased planes will join its fleet in October 2025, with some arriving a few weeks earlier. The aircraft, inducted under damp lease arrangements, will serve high-demand winter routes and remain in operation through the early summer season of 2026 before exiting in May.Last month, SpiceJet had announced plans to induct five Boeing 737s from another operator on damp lease, signalling an aggressive fleet expansion to meet peak-season demand. The airline added that it is in “advanced discussions” t
