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Banks to conduct special clearing operations for closure of government accounts on March 31: RBI
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Issuing directions to the banks for smooth clearing operation, the Reserve Bank of India (RBI) has said that banks will conduct special clearing operations for the annual closure of government accounts on March 31, which is the last day of the current fiscal year.
With regard to the annual closing of accounts related transactions of the central and state governments, special measures are put in place for 2020-21, the RBI has instructed all the member banks to maintain sufficient balance in their clearing settlement account.
The RBI further noted that to facilitate accounting of all the government transactions for the current financial year 2020-21 by March 31, 2021, it has been decided to conduct special clearing exclusively for government cheques across the three CTS grids on March 31, 2021.
