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No More 1–2 Day Wait: Cheques To Clear Within Hours From October 4

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No More 1–2 Day Wait: Cheques To Clear Within Hours From October 4


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RBI launches continuous clearing and settlement for CTS-enabled cheques from October 04, enabling same-day clearance nationwide.

rom Tomorrow, Cheques Won’t Take 1–2 Days—Funds to Reflect in Hours

rom Tomorrow, Cheques Won’t Take 1–2 Days—Funds to Reflect in Hours

In a major overhaul, the Reserve Bank of India (RBI) is going away from the existing batch-processing model (which takes up to two working days). A new framework known as a continuous clearing and settlement on realization framework will become effective from tomorrow, October 04. It is Phase 2 of the major overhaul of the cheque clearing system across the country, which is divided in 2 phases.

The Continuous Clearing and Settlement on Realisation will ensure cheque clearance within a few hours, reduce settlement risks and improve efficiency and customer experience.

Instead of fixed-batch cycles, the cheques will be scanned, presented and cleared in real-time processing during business hours (10:00 Am to 4:00 PM).

This will help customers to get funds through cheques on the same day, typically within hours, reducing the typical 1–2 day wait. Note that this applies to all CTS-enabled cheques across India. There are no changes to physical cheque issuance rules.

Process Flow:

  • Presenting banks scan and send cheque images/MICR data to the clearing house immediately upon receipt.
  • The clearing house forwards these to drawee banks (the paying bank) in real-time.
  • Drawee banks provide positive (honour) or negative (dishonour) confirmation.
  • Settlements occur hourly until the end of the confirmation session (7:00 PM).
  • Once settled, presenting banks must credit funds to customers’ accounts within one hour, subject to standard safeguards.

Phase 2 To Bring T+3 Settlement

Phase 2, which is expected to be implemented from January 03, 2026 onwards, will expedite the process faster. Phase 2 will introduce T+3 clearance hours (item expiry time), which means cheques presented 10:00–11:00 AM must be confirmed by 2:00 PM; unconfirmed ones are deemed approved at expiry.

This mechanism sets a strict timeline for drawee banks (the bank on which the cheque is drawn) to confirm whether a cheque is honoured or dishonoured, ensuring faster cheque clearance within hours on the same day.

T+3 refers to a time-bound process where a cheque presented to the clearing house must be confirmed (either honoured or dishonoured) by the drawee bank within three hours from the time of its presentation.

Varun Yadav

Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More

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The NBA doesn’t just want to build a European basketball league — it wants to revolutionize the international pro game

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Major UK supermarket to stop selling mackerel in coming weeks

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Major UK supermarket to stop selling mackerel in coming weeks


Waitrose is set to remove mackerel from its shelves amid escalating concerns over unsustainable fishing practices.

The retailer said that it is the first major UK supermarket to suspend sourcing of the popular fish.

It said that fresh, chilled, and frozen mackerel, primarily sourced from Scottish waters, will be unavailable to shoppers by 29 April. Tinned varieties will follow once the current stock is depleted.

Conservationists are welcoming the move and urging other supermarkets to follow suit.

The measure comes as governments have repeatedly failed to implement catch limits recommended by scientists, jeopardising the long-term viability of mackerel stocks.

The International Council for Exploration of the Sea (ICES) has issued stark warnings, advising a 70 per cent reduction in catches for 2026 across all regional mackerel stocks compared to 2025’s recommended levels.

With the stock consistently fished above sustainable thresholds, this translates to a 77 per cent cut on the 755,143 tonnes scientists estimated would be caught in 2025.

Mackerel’s sustainability rating has worsened in the face of overfishing (Alamy/PA)

Overfishing has resulted in depleting mackerel stocks in the north-east Atlantic, with Ices saying the species, and the wider fishing industry, could face long-term risks unless countries stick to recommended catch limits.

Waitrose said the decision in December by four of the coastal states which fish mackerel to cut catches by 48 per cent was a step forward, but did not meet Ices advice.

North-east Atlantic mackerel will no longer meet the supermarket’s responsible sourcing requirements in line with the Sustainable Seafood Coalition codes of conduct, the retailer said.

Jake Pickering, head of agriculture, aquaculture and fisheries at Waitrose, said: “By suspending sourcing of mackerel at Waitrose we are reinforcing our ethical and sustainable business commitments, acting to tackle overfishing and protect the long-term health of our oceans and this crucial fish.

“Our customers trust us to source responsibly, and we are closely monitoring the fishery.

“We look forward to bringing mackerel back to our shelves once it meets our high sourcing standards.”

As alternatives, Waitrose is launching a new range of fish products including hot smoked herring, hot smoked peppered herring and hot smoked sweetcure seabass, all of which are Marine Stewardship Council (MSC) certified.

The retailer said it would also introduce MSC-certified frozen sardines from May as a sustainable replacement for frozen mackerel, and plans to become the first retailer to sell 100 per cent MSC tinned sardines.

Waitrose said it would maintain its relationship with its mackerel suppliers and its new supply of herring, seabass, sardines and trout will be sourced through current supplier partnerships.

But there is currently no predetermined time-frame as to when Waitrose will start sourcing mackerel again.

The International Council for Exploration of the Sea has issued stark warnings, advising a 70 per cent reduction in catches for 2026 across all regional mackerel stocks compared to 2025’s recommended levels

The International Council for Exploration of the Sea has issued stark warnings, advising a 70 per cent reduction in catches for 2026 across all regional mackerel stocks compared to 2025’s recommended levels (Alamy/PA)

Marija Rompani, director of ethics and sustainability at the John Lewis Partnership, said: “We believe sustainable food production must balance climate action, nature protection and responsible fish sourcing is fundamental to protecting our oceans.

“We will continue to work closely with suppliers and industry partners to support the recovery and responsible management of fish stocks.”

Charles Clover, co-founder of conservation charity Blue Marine Foundation, said mackerel – one of the largest remaining commercial fish stocks in the north-east Atlantic – had declined 75 per cent in the last 10 years because fishing nations, including the UK, had overfished it.

“They have put too little effort into the task of reaching agreement on a sharing arrangement – and some countries have been awarding themselves more quota than is justified by science,” he said.

“This crisis has been ignored for too long.

“We hope that this action by Waitrose sends it to the top of the political agenda. We call on other retailers to follow Waitrose’s example.”



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If Your Salary Never Lasts Till Month-End, These 5 Mistakes Might Be Why

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If Your Salary Never Lasts Till Month-End, These 5 Mistakes Might Be Why




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