Informist, Friday, Sept. 26, 2025

 

MUMBAI – The Reserve Bank of India Friday said it will conduct a special clearing session on Oct. 3 before the first phase of transition to continuous clearing and settlement of cheques. The first phase of transition is scheduled to begin Oct. 4.

 

After the closure of the return session at 1000 IST for the presentation done on Wednesday, the special clearing presentation session will run till 1500 IST and the return session will run till 2000 IST. There will be no regular clearing of cheques after 1000 IST, and all types of instruments will be accepted in special clearing only, the RBI said.

 

In the guidelines given in August to shift to continuous clearing, drawee banks, or banks responsible for paying the amount, will have to confirm honoured or dishonoured cheques presented on them by 1900 IST during the first phase of transition. If banks don't confirm the cheques by 1900 IST, they will be deemed to have been approved and included for settlement, the RBI said. Item expiry time for all cheques will be set as 1900 IST in the first phase.

 

For the special clearing on Oct. 3, the regulator has advised banks to use clearing type as "99" and session numbers as "21" for presentation and "22" for return. Instruments presented with any other clearing type and session number will not be attached to the special clearing session. Settlement for both presentations and return sessions will be posted in special clearing. Banks should maintain adequate balance in their settlement account in order to meet settlement obligations which will arise out of the special clearing, the RBI said.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Shravani Chandiwade

Edited by Ashish Shirke

 

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