US EditionRBI Postpones 2nd Phase of Quicker Cheque Clearing Mechanism
- The Reserve Bank of India has postponed Phase 2 of its cheque clearing system until further notice due to glitches in Phase 1 implementation.
- Phase 2 was originally scheduled to start on January 3, 2026, and aimed to require banks to approve or reject cheques within three hours.
- The RBI's latest circular revised presentation hours for cheque processing to 9 am to 3 pm and confirmation hours to 9 am to 7 pm.
- Cheque clearing will continue under the current Phase 1 setup without the strict three-hour deadline.
14 Articles
14 Articles
RBI postpones 2nd phase of quicker cheque clearing mechanism
The Reserve Bank has postponed the second phase of its faster cheque clearance system. This move provides banks more time to adjust their operations. The new system was scheduled to begin on January 3. Earlier, the first phase faced some initial challenges.
The Reserve Bank of India (RBI) has taken an important decision regarding the cheque payments made by millions of people. The RBI has postponed the launch of a new system under which banks were required to pass or reject cheques within just three hours of receiving them. The system was to be implemented on January 3, 2026, but has now been postponed until further notice. After this decision, many questions are arising in the minds of people rega…
RBI Delays Three-Hour Cheque Clearing Plan, Phase 1 System to Continue for Now - PUNE PULSE
Just days before banks were expected to switch to a much tighter cheque-clearing timeline, the Reserve Bank of India (RBI) has decided to put the plan on hold. The central bank has postponed the implementation of Phase 2 of its faster cheque clearance framework, which was scheduled to begin on January 3, 2026. The decision
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