Special Clearing for Govt Cheques on March 30-31, 2024
Current · Source: Reserve Bank of India · RBI/2023-24/141 · issued 27 Mar 2024 · ~2 min read
Quick answerRBI mandates special CTS clearing for government cheques on March 30 (Saturday) and March 31 (Sunday), 2024, with presentation from 5:00-5:30 PM and return by 7:00-7:30 PM. All banks must participate and keep settlement accounts funded.
The rule, in the simplest words
On March 30 and March 31, 2024, banks must run special clearing sessions just for government cheques (checks from the government).
The special sessions happen from 5:00 to 5:30 PM for presenting cheques and from 7:00 to 7:30 PM for returning them.
All banks must join these sessions and keep enough money in their settlement accounts to pay for the cheques.
This rule helps make sure all government payments for the financial year ending March 31, 2024, are counted on time.
How it plays out — a real example
A payments & clearing officer in Indore, Priya, gets a call from her operations team on March 30, 2024, reminding her that the bank must process government cheques during the special 5:00-5:30 PM session. She quickly checks that her branch's inward clearing system is working and confirms the settlement account has enough funds, so the bank can handle all government cheques smoothly and avoid any year-end delays.
What changed
RBI has scheduled special clearing sessions under CTS exclusively for government cheques on March 30 and March 31, 2024, to ensure all government transactions for FY 2023-24 are accounted by March 31. Normal Saturday timings apply on March 30 for regular clearing, but special sessions run from 5:00-5:30 PM for presentation and 7:00-7:30 PM for returns on both days.
What it means for you
Banks must keep their inward clearing infrastructure operational during these special hours and maintain sufficient settlement account balances to cover obligations. This is mandatory for all scheduled commercial banks, RRBs, urban/state/district co-op banks, local area banks, payment banks, small finance banks, and NPCI. Non-compliance could disrupt year-end government accounting.
What you must do
Ensure your CTS inward clearing systems are fully functional during the special sessions on March 30 and 31, 2024.
Maintain adequate balances in your clearing settlement account to meet all settlement obligations from these sessions.
Brief your operations and treasury teams on the special timings: presentation 5:00-5:30 PM, return 7:00-7:30 PM.
Coordinate with NPCI and the National Grid Clearing House for any operational clarifications.
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
❓ Common questions
Is participation in this special clearing optional?
No, RBI has made it mandatory for all banks listed in the circular to participate in the special clearing operations on both March 30 and 31, 2024.
What happens if my bank does not maintain sufficient settlement account balance?
You must maintain enough balance to meet settlement obligations from the special clearing. Failure could disrupt the clearing process and attract regulatory action, as per standard RBI norms.
📜 Read the original circular — full text as issued by RBI
RBI/2023-24/141
CO.DPSS.RPPD.No.S1193/03-01-002/2023-2024
March 27, 2024
The Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks including 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
Madam / Dear Sir,
Special Clearing Operations on March 30 & 31, 2024
A reference is invited to the circular issued by Department of Government and Bank Accounts (DGBA) vide CO.DGBA.GBD.No.S1252/42-01-029/2023-2024 dated March 22, 2024 addressed to all the agency banks on Annual Closing of Government Accounts –Transactions of Central/State Governments – Special Measures for the Current Financial Year (2023-24).
2. Normal clearing timings under Cheque Truncation System (CTS) as applicable to any working “Saturday” shall be followed on March 30, 2024. Further, to facilitate accounting of all the Government transactions for the current financial year (2023-24) by March 31, 2024, it has been decided to conduct Special Clearing under CTS exclusively for Government Cheques on March 30 & 31, 2024 as detailed below:
Date
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2023-24/141 · issued 27 Mar 2024. The plain-English explanation above is BankPulse’s own independent summary.
Example: if you are an Operations officer at a bank this circular applies to (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), your first concrete step on “Special Clearing for Govt Cheques on March 30-31, 2024” is: “Ensure your CTS inward clearing systems are fully functional during the special sessions on March 30 and 31, 2024.” (RBI issued this 27 Mar 2024).
Circular: RBI/2023-24/141 -- Special Clearing for Govt Cheques on March 30-31, 2024
Issued: 27 Mar 2024
Action required: Ensure your CTS inward clearing systems are fully functional during the special sessions on March 30 and 31, 2024.
Action required: Maintain adequate balances in your clearing settlement account to meet all settlement obligations from these sessions.
Action required: Brief your operations and treasury teams on the special timings: presentation 5:00-5:30 PM, return 7:00-7:30 PM.
Action required: Coordinate with NPCI and the National Grid Clearing House for any operational clarifications.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12640&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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