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RBI Mandates Continuous, Hourly Cheque Clearing Starting October

The two-phase plan requires banks to confirm cheques by day-end or within three hours to secure hourly settlements with customer payouts within an hour.

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Banks to clear cheques within few hours starting October 4: RBI
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RBI | Image: ANI

Overview

  • The RBI circular sets October 4, 2025 for Phase 1 and January 3, 2026 for Phase 2 of continuous cheque clearing and settlement on realisation.
  • Banks must scan and submit cheques continuously between 10 AM and 4 PM while the clearing house releases images in real time with the first hourly settlement at 11 AM.
  • During Phase 1 drawee banks have until 7 PM each day to honour or reject presented items before they are deemed approved for settlement.
  • Phase 2 shortens the confirmation window to three hours from cheque receipt under the same deemed-approval mechanism alongside ongoing hourly settlements.
  • Presenting banks are required to disburse funds within one hour of each settlement and have been instructed to ready their systems and inform customers of the changes.