RBI Defers CCSR Phase-2 for Faster Cheque Clearing
Why in the news
RBI put off Phase-2 of faster cheque clearing because banks still need time to upgrade legacy systems.
Key facts
- System: Continuous Clearing and Settlement on Realisation (CCSR) within the Cheque Truncation System (CTS), replacing T+1 / T+2 settlement.
- Action taken under the Payment and Settlement Systems Act, 2007.
| Phase | Detail | Status |
|---|---|---|
| Phase-1 | From 4 October 2025; quicker, but not 3 hours | Continues |
| Phase-2 | 3-hour settlement; auto-clearance if a bank is silent | Deferred |
Revised timings
- Banks can present cheques between 9 AM and 3 PM, while confirmations run until 7 PM.
Customers
- No immediate effect; later, faster fund availability and better business cash flow.
Exam angle
- CCSR works inside CTS; governing law PSS Act, 2007.