Mumbai: The Reserve Bank on Wednesday postponed implementation of the second phase of the faster cheque clearance mechanism to provide more time to banks to streamline their operations.
The second phase of the ‘Continuous Clearing and Settlement on Realisation in Cheque Truncation System’ was to be implemented by banks from January 3.
There had been teething issues in the implementation of the first phase that commenced on October 4.
In the second phase, the banks are required to clear cheques within three hours of realisation in the cheque truncation system. “Implementation of Phase 2 is being postponed, until further notice, to allow more time for banks to streamline their operations,” the RBI said in a statement.
The timing of the presentation session has been modified to 9 am to 3 pm and the timing of confirmation session is modified to 9 am to 7 pm.