What is CLG Full Form in Banking? CLG Meaning Printed on Bank Passbook

Check CLG Full-Form, CLG Meaning on Bank Passbook CLG Full Form in Bank Hindi – We often use bank services in our daily life. There are many banking terms that a common person does not know. In this article, we will discuss what is the full form of CLG in Banking. The term CLG means Clearing House Transaction in Banking.

Mainly, three types of bank transactions are available for the bank consumers, i.e., Cash, Clearing, and Transfer. If someone has to transfer some money amount into your bank account, then he/she can transfer the money using electronic payments requests or via cheque. Then it is the responsibility of the bank to settle the payment request.

No doubt that the payment is made when a person has a sufficient balance for a money transfer. The process when the bank transfer the money is called clearing or can be called CLG in Short Form. If CLG is printed on your statement, it means it’s a clearing transaction.

CLG-Full-Form-in-Banking

CLG Meaning Printed on Bank Passbook/Bank Statement

We often use cheques to transfer money from one account to another. But have you ever thought about when the first payment was transferred through cheque? This service was initially used in England in the 1600s. The bank clerks used to move the cheques to track the money record. But these kinds of techniques are replaced by new technologies used for banking services.

Nowadays, various real-time electronic methods are used to transfer money. But still, cheque transactions play a vital role because sometimes, due to technical issues, online services might not work. In the Indian banking sector, Cheque Truncation System(CTS) was introduced by the Reserve Bank of India (RBI). The main aim of the CTS is to provide better services to its consumers and collections of cheques in a lesser period of time.

CLG Full Form in Banking Hindi

जब बैंक पैसे ट्रांसफर करता है तो उसे क्लियरिंग कहा जाता है या शॉर्ट फॉर्म में सीएलजी कहा जा सकता है। अगर आपके स्टेटमेंट पर CLG छपा हुआ है, तो इसका मतलब है कि यह क्लियरिंग ट्रांजैक्शन है।

मुख्य रूप से, बैंक उपभोक्ताओं के लिए तीन प्रकार के बैंक लेनदेन उपलब्ध हैं, अर्थात, नकद, समाशोधन और स्थानांतरण। यदि किसी को आपके बैंक खाते में कुछ धनराशि स्थानांतरित करनी है, तो वह इलेक्ट्रॉनिक भुगतान अनुरोधों का उपयोग करके या चेक के माध्यम से धन हस्तांतरित कर सकता है। फिर भुगतान अनुरोध को निपटाने की जिम्मेदारी बैंक की होती है।

This service helps to reduce the scope of loss of instruments while transferring money. In Cheque Truncation System, an electronic image of a particular cheque rather than physical instruments is transmitted to the paying bank branch. All the important details, such as the MICR band of the cheque date of presentation of the cheque, are mentioned on the image.

So the full form of CLG is Clearing House Transaction. Initially, the cheques were moved, and then the bank clerks were used to calculate the amount. But now, cheques are moved using CTS; this also improves the transaction security also enhances the user experience. So these are the details for now; if you are looking for other banking terms can contact us using the comment box.

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