The Reserve Bank of India (RBI) has postponed the implementation of Phase 2 of Continuous Clearing and Settlement on Realisation (CCSR) under the Cheque Truncation System (CTS) until further notice, citing the need to provide banks additional time to streamline their operational processes.
Along with deferring Phase 2, the central bank has also revised the operational timelines under CTS. As per the updated directive, the presentation session timing has been modified to 9:00 AM–3:00 PM, while the confirmation session will now run from 9:00 AM–7:00 PM.
The circular has been addressed to the Chairmen, Managing Directors, and Chief Executive Officers of banks participating in the Cheque Truncation System, as well as the National Payments Corporation of India (NPCI).
In a circular issued on December 24, 2025 (RBI/2025-26/156), the RBI said the decision partially modifies its earlier notification dated August 13, 2025, which had announced the introduction of CCSR in CTS. Phase 1 of the project was successfully implemented on October 4, 2025.
The RBI stated that the directive has been issued under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007, underscoring its regulatory authority over payment and settlement mechanisms in the country.
The notification was signed by Saurabh Nath, Chief General Manager, RBI, and banks have been advised to take note of the revised instructions until further communication on the rollout of Phase 2.