RBI issued a circular (RBI/2025-26/156 CO.DPSS.RLPD.No.S1039/04-07-001/2025-2026) on December 24, 2025, to the Chairman/Managing Director/Chief Executive Officer of Banks participating in Cheque Truncation System/National Payments Corporation of India regarding Continuous Clearing and Settlement on Realisation in Cheque Truncation System: Phase 2. This modifies the circular CO.DPSS.RLPD.No.S536/04-07-001/2025-2026 dated August 13, 2025. The implementation of Phase 2 is postponed until further notice. The timing of the presentation session is modified to 09:00 AM to 03:00 PM and the timing of the confirmation session is modified to 09:00 AM to 07:00 PM. This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007 (Act 51 of 2007). Saurabh Nath, Chief General Manager, can be contacted at cgmdpssco@rbi.org.in or Tel: (91-22) 2260 1000; Fax: (91-22) 2265 9566. The Department of Payment and Settlement Systems, Central Office is located at 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Fort, Mumbai - 400001.
Key Entities Referenced
Cheque Truncation System: A system to truncate physical cheques and replace them with electronic images.
circular CO.DPSS.RLPD.No.S536/04-07-001/2025-2026 dated August 13, 2025: Referenced circular regarding ‘Introduction of Continuous Clearing and Settlement on Realisation in Cheque Truncation System'.
Payment and Settlement Systems Act, 2007: The Act under which the directive is issued.
Reserve Bank of India: The issuer of the circular and regulator.
RBI/2025-26/156
CO.DPSS.RLPD.No.S1039/04-07-001/2025-2026 December 24, 2025
The Chairman / Managing Director / Chief Executive Officer of
Banks participating in Cheque Truncation System /
National Payments Corporation of India
Dear Sir / Madam,
Continuous Clearing and Settlement on Realisation in Cheque Truncation
System: Phase 2
A reference is invited to the circular CO.DPSS.RLPD.No.S536/04-07-001/2025-2026
dated August 13, 2025 on ‘Introduction of Continuous Clearing and Settlement on
Realisation in Cheque Truncation System’. Phase 1 of the project was implemented
on October 4, 2025.
2. In partial modification to the above-mentioned circular, the following are advised:
i. Implementation of Phase 2 is being postponed, until further notice, to allow
more time for banks to streamline their operations.
ii. The timing of the presentation session is modified to 09:00 AM to 03:00 PM
and the timing of the confirmation session is modified to 09:00 AM to 07:00
PM.
3. This directive is issued under Section 10 (2) read with Section 18 of Payment and
Settlement Systems Act, 2007 (Act 51 of 2007).
Yours faithfully,
(Saurabh Nath)
Chief General Manager
भुगतान और ननपटान प्रणाली निभाग, केंद्रीय कायाालय, 14िी मंनिल, केंद्रीय कायाालय भिन,शहीद भगत न ंह मागा, फोटा, मुम्बई - 400001
फोन Tel: (91-22) 2260 1000; फैक् Fax: (91-22) 2265 9566; ई मेल-e-mail : cgmdpssco@rbi.org.in
Department of Payment and Settlement Systems, Central Office, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Fort, Mumbai -
400001
नहंदी आ ान है, इ का प्रयोग बढाइए