The Reserve Bank of India has issued operational instructions for banks participating in the Cheque Truncation System (CTS) and the National Payments Corporation of India to run a special clearing day on 3 October 2025, with modified session timings, to facilitate the transition to continuous clearing and settlement on realisation. CTS will run a return session for items presented on 1 October 2025 from 08:00 AM to 10:00 AM, followed by a special clearing presentation session from 11:00 AM to 03:00 PM and a special clearing return session from 05:00 PM to 08:00 PM. After the 10:00 AM return session closes, there will be no regular clearing sessions that day and all instrument types will be accepted only in the special clearing. For the special clearing, banks must use clearing type “99” and session number “21” (presentation) and “22” (return), with settlement posted for both sessions and banks required to maintain sufficient balances in their settlement accounts; sponsor banks are asked to notify sub-members. The directive is issued under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007. Phase 1 of continuous clearing and settlement on realisation in CTS is scheduled to be implemented on 4 October 2025, as referenced in the RBI’s earlier circular.
Reserve Bank of India 2025-09-26
Reserve Bank of India schedules special Cheque Truncation System clearing on 3 October 2025 to support shift to continuous clearing
The Reserve Bank of India has issued operational instructions for banks in the Cheque Truncation System and the National Payments Corporation of India to conduct a special clearing day on 3 October 2025, with modified session timings. This is to facilitate the transition to continuous clearing and settlement on realisation, set to begin on 4 October 2025. The directive is issued under the Payment and Settlement Systems Act, 2007.