**Policy Summary:**
The Reserve Bank of India (RBI) issued circular RBI/2023-24/141 CO.DPSS.RPPD.No.S1193/03.01.002/2023-2024 on March 27, 2024, to all Scheduled Commercial Banks (including Regional Rural Banks), Urban Cooperative Banks, State Cooperative Banks, District Central Cooperative Banks, Local Area Banks, Payment Banks, Small Finance Banks, and the National Payments Corporation of India (NPCI) regarding special clearing operations on March 30 and 31, 2024.
This circular mandates special clearing operations under the Cheque Truncation System (CTS) exclusively for government cheques to facilitate the accounting of all government transactions for the financial year 2023-24 by March 31, 2024. Normal clearing timings applicable to any working Saturday will be followed on March 30, 2024.
The special clearing sessions will be conducted on both March 30 and 31, 2024, with the following timings:
* **Presentation Session:** 17:00 Hours to 17:30 Hours
* **Return Session:** 19:00 Hours to 19:30 Hours
Participation in these special clearing operations is mandatory for all banks. All member banks of CTS are required to keep their inward clearing processing infrastructure open during the special clearing hours and maintain sufficient balance in their clearing settlement accounts.
Banks are also advised to adhere to the instructions issued by the President of the National Grid Clearing House and guided by NPCI circular NPCI/2016-17/CTSCircular No.32 dated October 3, 2016, regarding the clearing type for instruments presented in the special clearing sessions.
For further information, contact the Department of Payment and Settlement Systems, Central Office, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Fort, Mumbai – 400001. Phone: 91-22-2260 1000; Fax: 91-22-2265 9566; email: cgmdpsscorbi.org.in. The circular was issued by Sudhanshu Prasad, Chief General Manager, RBI.
Key Entities Referenced
Reserve Bank of India: The central bank of India, the issuer of this notification.
Scheduled Commercial Banks: Banks included in the Second Schedule to the Reserve Bank of India Act, 1934.
Regional Rural Banks: Regional Rural Banks in India.
Urban Cooperative Banks: Urban Cooperative Banks in India.
State Cooperative Banks: State Cooperative Banks in India.
District Central Cooperative Banks: District Central Cooperative Banks in India.
National Payments Corporation of India: An umbrella organisation for operating retail payments and settlement systems in India.
Cheque Truncation System: A cheque clearing system undertaken by the Reserve Bank of India (RBI) for quicker cheque clearance.
RESERVE BANK OF INDIA
भारतीय �रज़व� ब�क
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 Presentation Session Return Session
March 30, 2024 17:00 Hours to 17:30 Hours 19:00 Hours to 19:30 Hours
(Saturday)
March 31, 2024 17:00 Hours to 17:30 Hours 19:00 Hours to 19:30 Hours
(Sunday)
3. It is mandatory for all banks to participate in the special clearing operations on March 30 &
31, 2024. All the member banks of CTS are also required to keep their inward clearing
processing infrastructure open during the Special Clearing hours and maintain sufficient
balance in their clearing settlement account to meet settlement obligations arising out of the
Special Clearing.
भुगतान और िनपटान प्रणाली िवभाग, क�द्रीय काया�लय, 14वी मंिजल, क�द्रीय काया�लय भवन,शहीद भगत िसंह माग�, फोट�, मु�ई - 400001
फोन Tel: (91-22) 2260 1000; फैक्स Fax: (91-22) 2265 9566; ई मेल-e-mail : cgmdpssco@rbi.org.in
Department of Payment and Settlement Systems, Central Office, 14th Floor, Central Office Building, Shahid Bhagat Singh Road, Fort, Mumbai - 400001
िहंदी आसान है, इसका प्रयोग बढ़ाइए4. Member banks are advised to adhere to the instructions contained in this circular as well as
instructions issued by the President of the National Grid Clearing House. Member banks may
also be guided by the circular NPCI/2016-17/CTS/Circular No.32 dated October 3, 2016
issued by NPCI regarding clearing type for instruments to be presented in Special Clearing
sessions.
Yours faithfully,
(Sudhanshu Prasad)
Chief General Manager