RBI postpones 3-hour cheque clearance rule:Money will keep getting credited in bank accounts the next day of depositing cheques in most cases

The Reserve Bank of India (RBI) has postponed the Phase 2 scheme that was meant to speed up cheque clearance. This scheme was supposed to start from January 3, 2026. In this phase, banks were required to approve or reject cheques within 3 hours of receiving the cheque image. It has now been postponed to a later date. RBI issued a circular on December 24 stating that Phase 2 has been postponed. Phase 1 will continue to operate. The cheque presentation window (time for depositing cheques) will remain open from 9 AM to 3 PM. Meanwhile, banks can confirm or reject cheques between 9 AM and 7 PM. What changed in Phase-1? What was going to happen in Phase-2? The purpose of Phase-2, which was to be implemented from January 3, 2026, was to bring cheque clearance closer to ‘real time’. Under this, banks had to approve or reject the cheque within just 3 hours of receiving its image. If the bank did not take any action within 3 hours, the system would automatically pass the cheque and transfer the money. This would allow customers to receive payments on the same day or in a very short time. RBI has said that the new date for implementing Phase-2 will be announced separately. ​