Inward cheque and Inward return: Cheque coming into the bank through the clearing process is Inward Cheque for the bank. Inward return means that a person issued a cheque which got returned due to insufficient funds in his account.
What is CLG transaction?
CLG means Clearing House Transaction. Cash ,Clearing ,Transfer are three types of transactions in banks. If you see CLG in statements you can conclude it is a clearing transaction .
What is the Cheque clearing process?
Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form …
What does CLG stand for in terms of banking?
CLG stands for clearing in terms of banking. When one bank collect cheque of another bank , it goes for clearing in clearing house.
What does INW CLG stand for in bank statement?
INW CLG: Indicates inward clearing done by the bank (when we issue a cheque) EBA: For trading-related transactions by some banks BIL: Bill payments through the internet FI, SP: Bounced cheques due to insufficient funds.
What does CLG stand for in Axis Bank?
BRN-CLG-CHQ is shown in the Axis Bank account statement. What does it mean? In simple words, BRN (Branch) CLG (Clearing) CHQ (Cheque). Generally, you wouldhave a cheque number corresponding to this entry. If the cheque was issued in favour of an Axis Bank Customer, you could see the name of beneficiary in place of BRN-CLG-CHQ.
What is owclg in a bank statement?
In simple words if you have an account in SBI and you have a cheque of PNB and you draw this cheque in your account and when this cheque is sent to PNB for clearing then it is being written as O/W CLG or outward clearing. There was an error loading more items.
