RBI Gives Banks More Time To Roll Out Quicker Cheque Clearance In Phase 2

Phase 1 of the system, which was implemented earlier this year, will continue to operate as usual. The RBI further stated that the timing of the presentation session for cheques has also been modified. The cheque presentation time will now range from 9 am to 3 pm, while banks will be able to confirm or reject cheques between 9 am and 7 pm.