DPSS CO No.704/03.01.14/2007-08

November 15, 2007

The Chairman & Managing Director of banks managing clearing houses

Dear Sir,

Access Criteria for Clearing Houses at MICR Centres – Procedural Guidelines

A Working Group on Access to Payment Systems was constituted by the Reserve Bank and based on its recommendations and the feedback received, criteria for participation as a member in the Clearing Houses at MICR Centres has since been finalized.  The procedural guidelines for implementation of the revised access criteria have been prepared and are enclosed for necessary action. These guidelines will come into force from 1st January 2008.

You are advised to apply the guidelines to the Clearing Houses at the MICR centres being run by your bank.  As regards application of adherence to SLR / CRR prescriptions as a criterion for membership, separate communication will follow. The Officer-in-charge of your MICR CPC may get in touch with our Regional Offices for clarification  and support, if any.

The immediate action may be to circulate the Guidelines to the member banks of the Clearing Houses at MICR centres managed by your bank.  This would help the member banks to evaluate the impact and get ready for the new membership criteria with effect from January 1, 2008.

This may please be completed by 25th November 2007 and a confirmation thereof  may please be sent to us by 30th November 2007.

Yours faithfully

(A P Hota)
Chief General Manager