Banks to conduct special clearing of govt cheques on March 31

TBB BUREAU

BHUBANESWAR, MARCH 28, 2021

Banks will conduct special clearing operations exclusively for government cheques on March 31 to facilitate accounting of all the government transactions for the current fiscal.

In a notification to all scheduled banks along with small finance banks and the National Payments Corporation of India, Reserve Bank of India (RBI) said that it is mandatory for all banks to participate in the special clearing operations on March 31, 2021.

“Further, to facilitate accounting of all the government transactions for the current financial year (2020-21) by March 31, 2021, it has been decided to conduct Special Clearing exclusively for Government Cheques across the three CTS (Cheque Truncation System) grids on March 31, 2021,” said the notification.