RBI’s Special Clearing operations on March 31, 2018

Mar 29, 2018 | by Avantis RegTech Legal Research Team

Reserve Bank of India (RBI) with a view to facilitate accounting of all the Government transactions for the current financial year (2017-18) by March 31, 2018, it has been decided to conduct special clearing at all clearing houses across the country on March 31, 2018 as detailed below:-

Date

Type of clearing – Presentation clearing /Return clearing

March 31, 2018 (Saturday)

Normal Clearing as followed on any working Saturday

In addition, a Special Clearing exclusively for Government transactions (receipts and payments) with return clearing on the same day as per the schedule indicated below

 

Schedule for various types of clearing:-

a.       CTS grid locations (New Delhi, Mumbai and Chennai)

 

Special Presentation clearing on March 31 2018

P2F session timings for the instruments presented through the Special Clearing

Return clearing for the instruments presented through the special clearing

Between 20.00 and 20.30 hours

Between 21.00 and 21.30 hours

Between 22.00 and 22.15 hours

 

Under the special clearing, single session shall be conducted for both CTS-2010 and nonCTS-2010 standard instruments together. No segregation is required.

 

b.      Special clearing in non-MICR (ECCS) clearing houses on March 31, 2018

 

Presentation clearing

Return clearing

One hour after the extended business hours keeping in view the operational convenience at the local center

Half an hour/One hour after the presentation clearing keeping in view the operational convenience at the local center.

 

 

It is mandatory for all banks to participate in the special clearing operations on the above specified date. All member banks of the Clearing Houses 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.

Member banks of Clearing Houses are advised to adhere to the instructions contained in this circular as well as the instructions received from the Regional Offices of Reserve Bank of India and President of respective Clearing Houses. In case of image-based clearing at CTS locations, separate operating procedure will be decided for March 31, 2018 and advised to all member banks by the President of the respective CTS location.

Member banks are also advised to be in readiness to participate in the Centralised Payment Systems (RTGS and NEFT) on March 31, 2018. A separate broadcast message in this regard will be issued through the respective system indicating the extended time window.

[RBI/2017-18/145 DPSS.CO.CHD.No./2707/03.01.03/2017-18]

URL: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT1454C67646CD277474D8A5B7E4E5DCF3BDB.PDF


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