India, Dec. 24 -- The Reserve Bank of India (RBI) on Wednesday postponed the implementation of the second phase of the quicker cheque clearance mechanism, allowing banks additional time to streamline their operational processes.
The second phase of the 'Continuous Clearing and Settlement on Realisation' under the Cheque Truncation System (CTS) was scheduled to be implemented from January 3.
The central bank said the decision was taken in view of teething issues faced during the rollout of the first phase, which came into effect on October 4, and to ensure smoother implementation going forward.
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