The Reserve Bank of India (RBI) has announced to postpone to Phase 2 of Continuous Clearing and Settlement on Realisation (CCSR) under the Cheque Truncation System (CTS) until further notice.
The decision
was taken to allow more time for banks to streamline their operations for Phase 2.
Despite postponing Phase 2, the Reserve Bank of India (RBI) has revised the daily operating hours under the Cheque Truncation System. The presentation session will now run from 9:00 AM to 3:00 PM, while the confirmation session will be held from 9:00 AM to 7:00 PM.
What Is Phase 2 In Cheque Truncation System?
Phase 2, which was earlier expected to be implemented from January 03, 2026 onwards, will expedite the cheque clearance process faster. Phase 2 will introduce T+3 clearance hours (item expiry time), which means cheques presented 10:00–11:00 AM must be confirmed by 2:00 PM; unconfirmed ones are deemed approved at expiry.
This mechanism sets a strict timeline for drawee banks (the bank on which the cheque is drawn) to confirm whether a cheque is honoured or dishonoured, ensuring faster cheque clearance within hours on the same day.
T+3 refers to a time-bound process where a cheque presented to the clearing house must be confirmed (either honoured or dishonoured) by the drawee bank within three hours from the time of its presentation.
