RBI Postpones CTS Phase 2, Revises Daily Cheque Clearing Timings

• RBI postpones Phase 2 of Continuous Clearing and Settlement on Realisation (CCSR) under Cheque Truncation System (CTS) until further notice.
• The decision aims to provide banks more time to streamline their operations for the upcoming Phase 2 implementation.
• Despite the postponement, RBI revises daily CTS operating hours: presentation session 9 AM-3 PM, confirmation session 9 AM-7 PM.
• Phase 2, originally set for January 03, 2026, introduces T+3 clearance, requiring drawee banks to confirm cheques within 3 hours of presentation.
• This T+3 mechanism is designed to significantly expedite cheque clearance, aiming for same-day processing.

Why It Matters: RBI delays CTS Phase 2 for bank preparation but extends daily cheque clearing hours.