What changed
RBI has directed special clearing operations exclusively for government cheques on March 31, 2022, across all three CTS grids. Presentation clearing is scheduled between 17:00 and 17:30 hours, with return clearing between 19:00 and 19:30 hours. Normal clearing timings for a Thursday will apply for other instruments.
What it means for you
Banks must ensure their inward clearing processing systems are operational during the extended hours and maintain sufficient settlement account balances to cover obligations. This is mandatory for all scheduled commercial banks, RRBs, urban co-operative banks, state co-operative banks, DCCBs, LABs, payment banks, small finance banks, and NPCI. Non-compliance could disrupt government accounting for the financial year.
What you must do
- Confirm participation in special clearing on March 31, 2022, across all three CTS grids.
- Keep inward clearing processing infrastructure open from 17:00 to 19:30 hours.
- Maintain adequate balance in clearing settlement accounts to meet settlement obligations.
- Adhere to instructions from respective CTS grid Presidents 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 operation?
To facilitate accounting of all government transactions for the financial year 2021-22 by March 31, 2022.
Is participation mandatory for all banks?
Yes, it is mandatory for all banks listed in the circular to participate in the special clearing operations.
What are the specific timings for special clearing?
Presentation clearing is between 17:00 and 17:30 hours, and return clearing is between 19:00 and 19:30 hours on March 31, 2022.