Daijiworld Media Network - New Delhi
New Delhi, Dec 25: The Reserve Bank of India (RBI) on Wednesday announced the postponement of phase 2 of its nationwide faster cheque clearance system, citing operational readiness issues in some banks during phase 1.
Phase 2 of the Continuous Clearing and Settlement on Realisation under the Cheque Truncation System, originally scheduled to start on January 3, has been deferred until further notice. The phase aims to enable cheques to be cleared within three hours of realisation.
Phase 1, launched on October 4, requires drawee banks to confirm cheques by 7 pm, with non-response treated as approval. This allows continuous clearing during business hours and reduces settlement time from up to two working days to just a few hours.