Currency Chests operations on March 31, 2024; Special Measures for extending services to Policy Holders of LIC of India
FinTech BizNews Service
Mumbai, March 29, 2024: The Government of India has advised all branches of the banks dealing with Government receipts and payments to be kept open for transactions on Sunday, March 31, 2024 so as to account for the Government transactions relating to receipts and payments in FY 2023-24 itself. In a communication to All Currency Chest holding banks, the RBI has stated that since such transactions might necessitate operations at currency chests, the currency chest holding banks are advised to keep their CCs open on March 31, 2024, akin to a normal working day. The CC holding banks shall keep the linked branches suitably informed.
A reference is invited to the circular issued by Department of Government and Bank Accounts (DGBA) vide CO.DGBA.GBD.No.S1252/42-01-029/2023-2024 dated March 22, 2024 addressed 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).
In a communication 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 RBI has stated 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, it has been decided to conduct Special Clearing under CTS exclusively for Government Cheques on March 30 & 31, 2024 as detailed below:
Date | Presentation Session | Return Session |
March 30, 2024 (Saturday) | 17:00 Hours to 17:30 Hours | 19:00 Hours to 19:30 Hours |
March 31, 2024 (Sunday) | 17:00 Hours to 17:30 Hours | 19:00 Hours to 19:30 Hours |
It is mandatory for all banks to participate in the special clearing operations on March 30 & 31, 2024. 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. Member banks may also be guided by the circular NPCI/2016-17/CTS/Circular No.32 dated October 3, 2016 issued by NPCI regarding clearing type for instruments to be presented in Special Clearing sessions.
Special Measures for extending services to Policy Holders of LIC of India
It has been decided that the Offices under jurisdiction of Zones and Divisions will be kept open for normal operations as per official working hours on 30.3.2024 and 31.3.2024, in order to avoid any hardship to the policyholders. This is as per the advisory issued by Insurance Regulatory and Development Authority of India (IRDAI) dated 28.3.2024.
