Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

Banks urged to clear govt accounts by March 31

Author: IANS/Friday, March 30, 2018/Categories: Banking & Financial Services

Banks urged to clear govt accounts by March 31

Mumbai - The Reserve Bank of India (RBI) said it has directed all banks to participate in special clearing operations on March 31 with a view to clear all government accounts.

The central bank, in a notification, said special clearing will be conducted at all clearing houses across the country on March 31 to facilitate accounting of all government transactions for the current financial year 2017-18 which ends on Saturday (March 31).

According to the RBI notification issued late on Wednesday, in addition to normal clearing as followed on any working Saturday, "special clearing" will be held exclusively for government transactions (receipts and payments) with return clearing on the same day.

"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," the central bank said.

The RBI has also advised member banks "to be in readiness to participate in the Centralised Payment Systems (RTGS and NEFT) on March 31, 2018."

For Cheque Truncation System (CTS) grid locations in New Delhi, Mumbai and Chennai, special presentation clearing will take place between 8 and 8.30 p.m., P2F session timings for the instruments presented through the special clearing between 9 and 9.30 p.m., and return clearing for the instruments presented through the special clearing between 10 and 10.15 p.m., the notification said.

The RBI said for special clearing in non-MICR (Express Cheque Clearing System) clearing houses, presentation clearing will be one hour after the extended business hours, while return clearing will be half an hour/one hour after the presentation clearing.

Print Rate this article:
No rating

Number of views (121)/Comments (0)

rajyashree guha

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free