Overview

• Phase 1 takes effect with a single presentation window from 10:00 am to 4:00 pm and hourly inter‑bank settlements starting 11:00 am.
• Drawee banks must confirm honour or dishonour by 7:00 pm, after which unconfirmed items are deemed approved for settlement.
• Presenting banks are required to credit customers’ accounts within one hour after settlement, subject to usual safeguards.
• The rollout covers all branches on the Delhi, Mumbai and Chennai CTS grids nationwide, following an RBI‑directed trial on October 3 to validate systems.
• Phase 2 begins January 3, 2026, shortening the drawee‑bank confirmation window to three hours per presentation slot, while banks urge Positive Pay and adequate balances for higher‑value cheques.