What changed
RBI announced special clearing operations exclusively for government cheques on March 31, 2023 across the three CTS grids (New Delhi, Chennai, Mumbai). Presentation clearing is scheduled between 17:00 and 17:30 hours, and return clearing between 19:00 and 19:30 hours. Normal clearing timings for a Friday will apply for other transactions.
What it means for you
Banks must ensure their inward clearing processing infrastructure is operational during the special clearing hours and maintain sufficient balances in their clearing settlement accounts to meet obligations. This is mandatory for all scheduled commercial banks, including RRBs, urban co-operative banks, state co-operative banks, district central co-operative banks, local area banks, payment banks, small finance banks, and NPCI. Non-compliance could disrupt government accounting for the financial year.
What you must do
- Ensure your bank participates in the special clearing on March 31, 2023 as it is mandatory.
- Keep inward clearing processing infrastructure open during the specified hours (17:00-17:30 for presentation, 19:00-19:30 for return).
- Maintain sufficient balance in your clearing settlement account to cover settlement obligations from the special clearing.
- Follow instructions from the President of your respective CTS grid and NPCI circular dated October 3, 2016 regarding clearing type for special sessions.
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
Why is special clearing only for government cheques?
To facilitate accounting of all government transactions for the financial year 2022-23 by March 31, 2023, as per the DGBA circular on annual closing of government accounts.
What happens if my bank does not participate?
Participation is mandatory for all banks. Non-participation may lead to settlement failures and disrupt government accounting, potentially attracting regulatory action.
Are normal clearing timings affected on March 31?
No, normal clearing timings for a Friday will be followed. The special clearing is an additional session exclusively for government cheques.