The Reserve Bank of India (RBI) on March 29, 2023, issued a notification regarding Special Clearing Operations on March 31, 2023.
Normal clearing timings as applicable to any working “Friday” shall be followed on March 31, 2023. Further, to facilitate accounting of all the Government transactions for the current financial year (2022-23) by March 31, 2023, it has been decided to conduct Special Clearing exclusively for Government Cheques across the three CTS grids on March 31, 2023, as detailed attached to the document.
All banks must participate in the special clearing operations on March 31, 2023. All the member banks under the respective CTS Grids are 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.
[Notification No. RBI/2022-23/190 CO.DPSS.RPPD.No.S2185/03-01-002/2022-2023]
