What changed
RBI issued a circular on March 26, 2021, requiring special clearing operations exclusively for government cheques on March 31, 2021. Normal Wednesday timings apply, with special presentation from 5:00 PM to 5:30 PM and return clearing from 7:00 PM to 7:30 PM across all three CTS grids.
What it means for you
Banks must ensure their inward clearing systems are operational during the extended hours and have adequate settlement account balances to cover obligations. This ensures all government transactions for FY 2020-21 are accounted for by March 31, preventing year-end delays.
What you must do
- Participate mandatorily in the special clearing on March 31, 2021
- Keep inward clearing processing infrastructure open during the specified hours
- Maintain sufficient balance in your clearing settlement account to meet obligations
- Follow instructions from the respective CTS grid President and NPCI circular dated October 3, 2016
Who it affects
All Scheduled Commercial Banks, Regional Rural Banks, Urban Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks, Local Area Banks, Payment Banks, Small Finance Banks, National Payments Corporation of India
What is the purpose of this special clearing?
To facilitate accounting of all government transactions for the financial year 2020-21 by March 31, 2021.
What are the timings for the special clearing?
Presentation clearing is between 5:00 PM and 5:30 PM, and return clearing is between 7:00 PM and 7:30 PM on March 31, 2021.
Is participation optional for banks?
No, participation is mandatory for all banks listed in the circular.