RBI Delays 3-Hour Cheque Clearance Deadline, Phase 2 Postponed Indefinitely

• RBI has postponed Phase 2 of its faster cheque clearance framework, originally set for January 3, 2026.
• Phase 2 would have required banks to approve or reject cheques within three hours of receiving digital images, with automatic approval if no response.
• The central bank announced the deferral via a circular on December 24, stating it's postponed until further notice.
• Revised working hours for cheque processing under existing Phase 1: presentation 9 am-3 pm, confirmation/rejection 9 am-7 pm.
• Cheque processing will continue under the Phase 1 mechanism, without the mandatory three-hour approval deadline.

Why It Matters: RBI defers mandatory 3-hour cheque clearance deadline, continuing Phase 1 operations.