RBI Postponed Implementation of Phase-II of Cheque Truncation System
In December 2025, the Reserve Bank of India (RBI) postponed the implementation of Phase-II of Continuous Clearing and Settlement on Realisation (CCSR) in Cheque Truncation System (CTS), originally scheduled for 3 January 2026, until further notice.
In December 2025, the Reserve Bank of India (RBI) postponed the implementation of Phase-II of Continuous Clearing and Settlement on Realisation (CCSR) in Cheque Truncation System (CTS), originally scheduled for 3 January 2026, until further notice.
- The RBI’s decision, issued under the Payment and Settlement Systems (PSS) Act, 2007, provides banks additional time to streamline operational processes.
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- What? RBI Postponed Implementation of Phase-II CCSR in CTS
- New Timeline: Indefinite time period
- Previous Deadline: January 03, 2026
- Phase-I of CTS Implemented: October 04, 2025
- Revised CTS Working Hours:
- Presentation Session: 9:00 AM–3:00 PM
- Confirmation/Rejection Window: 9:00 AM–7:00 PM
- Presentation Session: 9:00 AM–3:00 PM
- Confirmation/Rejection Window: 9:00 AM–7:00 PM
Key Details:
Phase-I Continue: Under the revised timeline, Phase I, launched on 4 October 2025, will continue, enabling banks to process and confirm cheques through continuous digital clearing during working hours.
Revised Working Hours: RBI has revised the working hours for the CTS like: the presentation session has been changed to 9 am to 3 pm (against 10 am to 4 pm).
- While, banks have been directed to either confirm or reject cheques from 9 am to 7 pm (against previous timeline of 10 am to 7 pm).
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Time Period: Under Phase-II, the item expiry time of cheques is expected to be revised to 3 hours (hrs) or (Transaction date plus 3 hours, T+3), significantly reducing the settlement timeline compared with conventional T+1 or T+2 framework.
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