MUMBAI, Dec 24: The Reserve Bank of India (RBI) has postponed the second phase of its faster cheque clearing mechanism to allow banks more time to streamline operations.
Originally scheduled for January 3, Phase 2 would have required banks to clear cheques within three hours of realisation under the Cheque Truncation System.
Timings for presentation and confirmation sessions have been adjusted to 9 am–3 pm and 9 am–7 pm, respectively. The first phase, launched in October, replaced the two-day clearing cycle with continuous, same-day processing. The RBI cited operational readiness and teething issues as reasons for the delay. (PTI)
