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:

1. Implementation of Phase 2 is being postponed, until further notice, to allow more time for banks to streamline their operations.

2. 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