RBI to introduce Continuous Clearing and Settlement on Realisation in Cheque Truncation System
RBI has decided to transition CTS to continuous clearing and settlement on realisation in two phases. Phase 1 shall be implemented on October 4, 2025 and Phase 2 on January 3, 2026. Method of operation: 1. Single presentation session with continuous delivery: There shall be a single presentation session from 10:00 AM to 4:00 PM. Cheques received by the branches shall be scanned and sent to the clearing house by the banks immediately and continuously during the presentation session. The clearing house will in turn release the cheque images to drawee banks on a continuous basis. 2. Continuous inward processing and confirmation by banks: The confirmation session shall start at 10:00 AM and close at 7:00 PM. For every cheque presented, the drawee bank shall generate either positive confirmation (for honoured cheques) or negative confirmation (for dishonoured cheques). Each cheque will contain the ‘Item Expiry Time’ which indicates the latest time by which confirmation for the presente...