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

RBI said that it is mandatory for all banks to participate in the special clearing operations on March 30 & 31, 2024. 

RBI’s circular on Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2023-24) allows for the following transactions:

All Government transactions done by agency banks for the Financial Year 2023-24 must be accounted for within the same financial year. Accordingly, the following arrangements are put in place to report and account for Government transactions for March 31, 2024.

All Agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 30 and March 31, 2024.

Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue upto 2400 hours as hitherto on March 31, 2024.

Special clearing will be conducted for Government cheques both on March 30 & 31, 2024. Agency Banks are hereby advised that all cheques related to Government accounts may be presented on such clearing. The timing for presentation and return clearing of instruments for these special clearing sessions for government cheques will be intimated in due course.

“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. 

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