RBI vide its Notification dated 29th March, 2023 to The Chairman and Managing Director / Chief Executive Officer all Scheduled Commercial Banks including Regional Rural Banks /Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Local Area Banks / Payment Banks /Small Finance Banks / National Payments Corporation of India.
The notification states:
The clearing facility will be conducted across three Cheque Truncation System (CTS) grids in New Delhi, Chennai and Mumbai, the presentation clearing will be done between 5:00-5:30 pm and the return will be done between 7:00-7:30 pm on March.
It is mandatory for all banks to 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.
Further, normal clearing timing, as applicable on any working Friday, will be followed on 31st March 2023.
Link: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12466&Mode=0
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