Check cleared in 3 hours! RBI postponed check clearance deadline, changed processing time; When will it be implemented now?
New Delhi The Reserve Bank of India has postponed an important deadline related to speeding up check clearance. RBI has currently postponed the Phase-2 system to be implemented from January 3, 2026, till further orders. In this phase, banks had to approve or reject the check within three hours of receiving the image. In the circular issued on Thursday, December 24, RBI clearly said that the second phase of the Continuous Clearing and Settlement (CCS) system will not be implemented yet. However, Phase-1 will continue as before.
What changed in check processing times?
RBI has also revised the working timings of check processing.
What had changed before? (Phase 1)
What was to happen in Phase 2?
The objective of Phase-2 was to speed up the clearance. According to the proposal, the bank would have only 3 hours after receiving the image of the cheque. If you don't respond on time, the check gets auto-approved and settled. Due to this, customers were expected to get the money quickly.
Now what does postponement mean?
Due to postponement of Phase-2, the strict time limit of three hours will not be applicable at present. Check clearance will continue under the existing Phase-1 system. RBI has said that the new date of Phase-2 will be announced separately.
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