Check Clearance Time Reduced
Today, in his final announcement at the Reserve Bank MPC meeting, the RBI Governor has given a big gift to the business community as well as the common man. It will now take only a few hours for the check to clear. This is good news for everyone from the common people to the business class, banks, institutions, education and everyone associated with the financial world.
Now it will not take 2 days to clear the check but within a few hours. Your check will be cleared on the same day and will take just a few hours. This will make many of your tasks easier.
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RBI Governor Shaktikanta Das said that both check issuers and cash takers will benefit from this and banking will also be positively affected as the entire process will be speeded up.
Inflation forecast increased
The RBI has also raised its inflation forecast for the second quarter of the current fiscal. Earlier it was said to be 3.8 percent, but now the inflation rate has been revised to 4.4 percent.
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Not only this, the inflation rate has reached 4.7 percent from 4.6 percent in the third quarter. The Governor said that retail inflation in the current financial year will remain above 4 percent year-on-year, which is forecast at 4.5 percent.
Inflation will not last long
The governor said that although the inflationary pressure is temporary, its impact cannot be ruled out. One has to keep an eye especially on the prices of goods related to the general public. Only when the marginal inflation rate comes down will the way to cheapen the debt open.
RBI Non-Policy Measures | Propose to reduce cheque clearing cycle to a few hours within the same day, says RBI Governor Shaktikanta Das. #RBIPolicy #MonetaryPolicy #ChequeClearance pic.twitter.com/KV5UC3441i
— CNBC-TV18 (@CNBCTV18News) August 8, 2024
Vegetarian thali has become more expensive by 11 per cent and non-vegetarian thali by 7 per cent in July due to increase in vegetable prices.
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