RBI’s New Rules Make Banking Easier: What’s Changed and How It Benefits You, Check Full Details
The system, named Continuous Clearing and Settlement on Realization (CCSR), will be rolled out starting October 4.
Mumbai: The Reserve Bank of India (RBI) is set to revolutionize cheque clearing with a new system that will allow customers to access funds within hours, replacing the traditional two to three-day waiting period. The system, named Continuous Clearing and Settlement on Realization (CCSR), will be rolled out starting October 4.
Under this new framework, when a cheque is deposited, it will be scanned and sent immediately to the clearing house. The receiving bank will then verify and confirm the transaction, allowing the money to be credited to the depositor’s account on the same day. The process will operate from 10 a.m. to 4 p.m. across all Cheque Truncation Systems (CTS) in the country.
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“The change will not only save time but also significantly improve convenience for bank customers,” officials said. Settlement cycles will run every hour, and confirmations are expected to be completed by 7 p.m. Once settled, the depositor’s bank will transfer the funds within an hour.
Two-Phase Implementation
The first phase, starting October 4, focuses on immediate scanning and transmission of cheques to the clearing house. The second phase, scheduled for January 3, 2026, will introduce the T+3 settlement rule, which requires the drawee bank to confirm the cheque within three hours of deposit. For example, a cheque deposited between 10 a.m. and 11 a.m. must be verified by 2 p.m. If no response is received, the cheque will automatically be considered valid.
This two-step system aims to accelerate the cheque clearing process, ensuring faster access to funds while maintaining the existing protocols for issuing cheques. With this reform, RBI seeks to make banking more efficient and responsive to customer needs.
