RBI Delays Faster Cheque Clearance Phase 2; 3-Hour Deadline Postponed

• RBI postponed Phase 2 of its faster cheque clearance framework, originally set for January 3, 2026.
• Phase 2 aimed to mandate banks to approve or reject cheque images within three hours of receipt.
• Phase 1, which introduced continuous clearing and digital image processing, will continue as usual.
• RBI revised cheque processing hours: presentation 9 am-3 pm, confirmation 9 am-7 pm.
• The strict 3-hour clearance deadline is delayed; a new date for Phase 2 will be announced later.

Why It Matters: RBI defers strict 3-hour cheque clearance deadline, Phase 1 continues, new date pending.