What changed
RBI directed special clearing sessions on March 29, 30, and 31, 2013, at all clearing houses. On March 29, locations with a holiday under the Negotiable Instruments Act get special clearing with same-day return; working days follow normal operations. March 30 includes normal Saturday clearing plus a special session for government credits. March 31 has a special clearing only for government credits.
What it means for you
Banks must ensure their clearing infrastructure is operational during extended hours on these dates, especially for government transactions. Agency banks handling government business can present instruments on other banks, while all member banks must maintain sufficient settlement account balances to cover obligations from special clearings.
What you must do
- Keep inward clearing processing infrastructure open during special clearing hours on March 29-31.
- Maintain adequate balance in clearing settlement accounts to meet obligations from special clearings.
- Ensure readiness to participate in RTGS and NEFT on March 29 and 31 as per separate broadcast.
- Coordinate with local RBI regional offices and clearing house presidents for operational details.
Who it affects
All scheduled commercial banks including RRBs, Urban co-operative banks, State co-operative banks, District central co-operative banks, Local area banks, Agency banks doing government business
What is the purpose of the special clearing on March 29-31, 2013?
To facilitate accounting of all government transactions for the financial year 2012-13 by March 31, 2013.
Which banks can present instruments in the special clearing?
Only agency banks that handle government business are permitted to present instruments in the special clearing on other participating banks.
What are the obligations for non-presenting member banks during special clearing?
They must 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.