What changed
RBI announced special clearing sessions on March 29 (Saturday), March 30 (Sunday), and March 31 (Monday) across all clearing houses. On March 29, normal Saturday clearing plus a special clearing for government credits will run. March 30 sees a special clearing exclusively for government credits. March 31 includes special clearing for locations that are holidays under the Negotiable Instruments Act, and additional government credit clearing for working locations.
What it means for you
Banks must ensure their clearing infrastructure is operational during these extended hours, especially for inward processing. Agency banks handling government business can present instruments in special clearings, while all member banks must maintain sufficient settlement account balances. This facilitates timely closure of government accounts for the financial year.
What you must do
- Ensure clearing house infrastructure is open and staffed during special clearing hours on March 29-31.
- Maintain adequate balances in clearing settlement accounts to cover obligations from special clearings.
- Agency banks must prepare to present government-related instruments in special clearings.
- Coordinate with local RBI regional offices and clearing house presidents for specific timings and procedures.
- Be ready to participate in extended RTGS and NEFT windows on these days as per separate broadcast.
Who it affects
All scheduled commercial banks including RRBs, Urban co-operative banks, State and district central co-operative banks, Local area banks, Agency banks handling government business
What is the purpose of these special clearing operations?
To facilitate accounting of all government transactions for the financial year 2013-14 by March 31, 2014, ensuring timely closure of government accounts.
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 requirements for other member banks during special clearing?
They must keep their inward clearing processing infrastructure open during special clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations.