RBI Halts 3-Hour Check Clearance Rule, Phase 2 Postponed Indefinitely

• RBI postpones Phase 2 of Continuous Clearing and Settlement (CCS) under Check Truncation System (CTS).
• Phase 2, including a strict 3-hour check clearance deadline, was scheduled for January 3, 2026.
• The existing Phase 1, implemented October 4, 2025, will continue to operate normally until further notice.
• Phase 2 aimed to make funds available faster by requiring banks to approve/reject checks within 3 hours.
• The postponement means the 3-hour rule is not applicable for now; check clearing continues under Phase 1.

Why It Matters: RBI delays the 3-hour check clearance rule, keeping the current system in place for now.