The above development comes in the wake of challenges in the implementation of Phase 1.
The central bank said this is to give banks more time to streamline their operations. Phase 2 of Continuous Clearing and Settlement on Realization in CTS would start on January 3, 2026.
The above development comes in the wake of issues encountered during the implementation of Phase 1. Businessmen and individual customers of banks faced delays in clearance of checks after the RBI introduced the same-day check facility on October 4, 2025.
The intention is that in phase 2 the expiry time of checks will be changed to T+3 free hours. For example, checks received by the concerned banks between 10:00 am and 11:00 am must be positively or negatively confirmed before 2:00 pm (3 hours from 11:00 am).
Checks for which no confirmation is given by the concerned bank within the prescribed 3 hours will be deemed cleared and will be withdrawn for settlement at 2:00 PM.
In its latest circular to banks, RBI also said that the timing of the presentation session has been changed from 9:00 AM to 3:00 PM (as against 10:00 AM to 4:00 PM as envisaged in the August 2025 circular), and the timing of the confirmation session has been changed from 9:00 AM to 7:00 PM (10:00 AM to 7:00 PM).
Published on December 24, 2025
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