New Delhi: The Reserve Bank of India (RBI) has announced that banks will remain open on March 30 and March 31, 2024 for ‘Special Clearing Operations’. RBI has addressed it 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).
During the bank operations for the above mentioned days, RBI said that 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, RBI has said that it will conduct Special Clearing under CTS exclusively for Government Cheques on March 30 & 31, 2024. The timings are as detailed below
Date Presentation Session Return Session March 30, 2024 (Saturday): 17:00 Hours to 17:30 Hours and 19:00 Hours to 19:30 Hours
March 31, 2024 (Sunday): 17:00 Hours to 17:30 Hours and 19:00 Hours to 19:30 Hours
RBI said that 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. 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,” RBI has added.