It is the right of the customer to know the CLG Full Form and it is linked to the amount deposited through cheque. It appears either in the bank statement or passbook. Everyone in India uses banking services whether he uses the credit card or check facility of the bank. Hence, banks have some acronyms that they usually use in their day-to-day work.
You must have gone through such a short form. It is commonly used in passbooks or bank statements. So, the full form of CLG is Clearing House Transaction in the context of banking. Let’s learn more about this term and see what it means.
When Does CLG Appear in The Passbook?
You must have seen this word in your passbook when you update your passbook from the bank. This word indicates that the check has been cleared by the bank and the amount has been credited to your account. The following example will help you to understand the meaning of this word better:-
Suppose you have an account with PNB and you receive a check from ICICI Bank for a certain amount. You have deposited that check in your bank. Now, PNB will ask ICICI Bank for the amount written on the check and then it will credit the same amount to your account. This whole process is known as clearing and CL. Yes. Indicates that your ICICI check been cleared which you deposited recently.
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Clearing Houses
Teams of private banks and the Reserve Bank of India maintain Clearing Houses and there are 1150 Check Clearing Houses in India. Clearing houses settle the transactions relating to checks of various banks. You have printed the CL printed next to your passbook in your banking statement. Yes. Have seen the word.
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Conclusion
Now you know about the Full Form of CLG which is clearing. This term is commonly used in banking statements or passbooks. This indicates that any other bank check you have deposited with your bank has been cleared and the amount has been credited. But now Bank C.L. Yes. Switching the system to electronic mode will be much safer. Now their money will be deposited in people’s accounts faster. So, this CL Yes. OR Clearing is about the word that appears in your passbook or bank statement.