New Delhi25 minutes ago
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The Reserve Bank of India (RBI) has postponed the Phase 2 scheme to speed up check clearance. This scheme was scheduled to start from January 3, 2026. In this phase, banks had to approve or reject the check within 3 hours of receiving the image. Now it has been postponed till a later date.
RBI issued a circular on December 24 saying that Phase 2 has been postponed further. Only Phase 1 will continue. Check presentation window (check deposit time) will be open from 9 am to 3 pm. At the same time, banks will be able to confirm or reject the check between 9 am to 7 pm.
What changed in Phase-1?
- RBI had launched ‘Continuous Clearance and Settlement’ (CCS) under the Check Truncation System (CTS). Its objective was to make check clearance faster by eliminating the old batch system.
- Phase-1 started on 4 October 2025. Earlier, batches were made at fixed time to clear the cheques, now this does not happen.
- Banks scan the check and immediately send its image to the clearinghouse. That is, as soon as the check reaches the bank, the process starts.
- The bank to which the check belongs has to review the image as soon as it receives it. If the bank does not respond within the stipulated time, the check is considered unapproved.
What was going to happen in Phase-2?
The objective of Phase-2, to be implemented from January 3, 2026, was to bring check clearance closer to ‘real time’. Under this, banks had to approve or reject the check image within just 3 hours of receiving it.
If the bank does not take any action within 3 hours, the system will automatically pass the check and the money will be transferred. With this, customers would get the check money on the same day or in a very short time. RBI has said that the new date for implementation of Phase-2 will be announced separately.
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