Cheques deposited from Oct 4 will be cleared within a few hours under RBI’s new guideline

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Cheque submission time – 10 am to 4 pm

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From 11 am onwards, bank will settle payments hourly

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In Phase 2 (Jan 3, 2026), banks will have just 3 hours to confirm each cheque. For eg, cheques received between 10 am and 11 am have to be confirmed positively or negatively by 2 pm (3 hours from 11 am)

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During phase 1 (Oct 4 to Jan 2, 2026), banks must confirm cheques by 7 pm, else those will be deemed approved

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Amount in words and figures must match, date must be valid; Ensure no overwriting in payee's name or amount Drawer's signature must match bank’s records On confirmation, banks must release payment immediately, but within 1 hour from successful settlement

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Positive Pay Requirement

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Mandatory for cheques above Rs 5 lakh Recommended for cheques above Rs 50,000

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Cheques deposited from Oct 4 will be cleared within a few hours under RBI’s new guideline

Cheque submission time – 10 am to 4 pm

During phase 1 (Oct 4 to Jan 2, 2026), banks must confirm cheques by 7 pm, else those will be deemed approved

From 11 am onwards, bank will settle payments hourly

In Phase 2 (Jan 3, 2026), banks will have just 3 hours to confirm each cheque. For eg, cheques received between 10 am and 11 am have to be confirmed positively or negatively by 2 pm (3 hours from 11 am)

During phase 1 (Oct 4 to Jan 2, 2026), banks must confirm cheques by 7 pm, else those will be deemed approved

Amount in words and figures must match, date must be valid; Ensure no overwriting in payee's name or amount Drawer's signature must match bank’s records On confirmation, banks must release payment immediately, but within 1 hour from successful settlement

Positive Pay Requirement

Customers urged by the banks to use the Positive Pay System. Account holders must provide the account number, cheque number, date, amount, and beneficiary name to the bank at least 24 working hours prior to depositing cheques

Mandatory for cheques above Rs 5 lakh Recommended for cheques above Rs 50,000