Mumbai, Mar 28 (UNI) The Reserve Bank of India has asked all agency banks to mandatorily participate in the special clearing operations on March 31, the last day of the current financial year, to facilitate accounting of all government transactions for the fiscal.
“It is mandatory for all banks to participate in the special clearing operations on March 31, 2025. 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,” RBI notification stated.
India follows the April 1-March 31 financial year.
All Government transactions done by agency banks for the Financial Year 2024-25 must be accounted for within the same financial year, the RBI said adding all agency banks should keep all branches dealing with Government receipts and payments open for over the counter transactions related to Government transactions up to the normal working hours on March 31, 2025.
Member banks are advised to adhere to the instructions contained in the circular as well as instructions issued by the President of the National Grid Clearing House, it added.
Normal clearing timings under Cheque Truncation System (CTS) as applicable to any working “Monday” shall be followed on March 31, 2025.
