Continuous Clearing and Settlement on Realisation in Cheque Truncation System: Phase 2

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