RBI to conduct special clearing for Govt. cheques across three ‘Cheque Truncation System’ grids
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- Last Updated on 30 March, 2022
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Circular No. RBI/2021-2022/188 CO.DPSS.RPPD.No./S1769/03-01-002/2021-22, Dated, 28-03-2022
In order to facilitate accounting of all the Government transactions for the current financial year (2021-2 2) by March 31, 2022, the RBI has decided to conduct Special Clearing exclusively for Government Cheques across three Cheque Truncation System (CTS) grids on 31-03-2022. It is mandatory for all banks to participate in special clearing operations on 31-03-2022. The normal clearing timings as applicable to any working “Thursday” shall be followed on 31-03-2022. RBI stated that for CTS Grids(New Delhi, Chennai and Mumbai), the Presentation Clearing will be made between 17:00 and 17:30 hrs and the Return Clearing will be made Between 19:00 and 19:30 Hours.
RBI mandated all banks to participate in the special clearing operations on March 31, 2022. RBI further directed all the member banks under the respective CTS Grids to keep their inward clearing processing infrastructure open during the Special Clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the Special Clearing.
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