What changed
Phase 2 of continuous clearing and settlement on realisation in CTS, as referenced in the circular dated August 13, 2025, is now postponed until further notice to give banks more time to streamline operations. Additionally, the presentation session timing has been changed to 9:00 AM to 3:00 PM, and the confirmation session timing to 9:00 AM to 7:00 PM.
What it means for you
Banks participating in CTS get additional breathing room to align their back-office processes before Phase 2 goes live, reducing operational pressure. The revised session timings modify the clearing window, which may affect intraday liquidity management and cheque processing workflows for lenders.
What you must do
- Update internal systems and staff training materials to reflect the new presentation (9 AM–3 PM) and confirmation (9 AM–7 PM) session timings.
- Use the postponement period to review and streamline cheque processing operations for Phase 2 readiness.
- Communicate the revised timings and postponement to relevant operations, IT, and clearing teams.
- Monitor future RBI circulars for the new Phase 2 implementation date.
Who it affects
Banks participating in Cheque Truncation System, National Payments Corporation of India, Clearing and settlement operations teams, Cheque processing and back-office staff
Why has Phase 2 been postponed?
RBI has postponed Phase 2 until further notice to allow banks more time to streamline their operations before implementation.
What are the new session timings for CTS?
The presentation session timing is now 9:00 AM to 3:00 PM, and the confirmation session timing is 9:00 AM to 7:00 PM.
When was Phase 1 implemented?
Phase 1 of continuous clearing and settlement on realisation in CTS was implemented on October 4, 2025.