RBI Delays 3-Hour Check Clearance Rule; Phase 2 Postponed Indefinitely

• RBI has postponed Phase 2 of the Continuous Clearing and Settlement (CCS) framework, originally set for January 3, 2026.
• Phase 2 mandated banks to approve or reject checks within three hours of receiving their digital image.
• The central bank will announce a new implementation date for Phase 2 separately.
• Phase 1 of the check clearance framework, which uses digital images and electronic data (CTS), continues to operate.
• Check presentation windows remain 9 AM to 3 PM, with banks having until 7 PM for approval/rejection.

Why It Matters: RBI delays stricter 3-hour check clearance rule, new implementation date for banks pending.