RBI Delays Phase 2 Cheque Clearing Rollout

The Reserve Bank of India has decided to delay the start of Phase 2 of its new cheque clearing system.

This system was supposed to make cheque processing faster and more efficient.

Phase 1 is already in place, where banks can process cheques continuously throughout the day instead of waiting for specific times.

Phase 2 would have required banks to approve or reject cheques within just three hours.

The RBI hasn't given a new date for when Phase 2 will start, but for now, banks will continue using the Phase 1 system.

The RBI also changed the times when banks can send and approve cheques to make things clearer for everyone involved.