The RBI said the cheques received by drawee banks between 10:00 AM and 11:00 AM will have to be confirmed positively or negatively by them by 2:00 PM, which is 3 hours from 11:00 AM.
The Ministry of Defence signed a contract worth Rs 642.17 crore with Bharat Electronics Limited (BEL) for the procurement of 28 EON-51 Electro Optical Fire Control Systems (EO FCS), here on Saturday.
The Reserve Bank of India (RBI) on Thursday announced the reduction in time taken to cheque clearance from days to hours.
