CLG Full Form - Learn What CLG Means in Banking

CLG Full Form – Learn What CLG Means in Banking

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In banking, CLG is the short form of Clearning. CLG full form name is clearing. You may have noticed the word ‘CLG’ related with money put to your bank account via cheques in your passbook or bank statements. Also read – Kreditone Personal Loan App – Get 2 Lakh Amount Online

CLG Full Form - Learn What CLG Means in Banking

Know what CLG means in your bank’s Passbook.

This word may have appeared in your passbook after you updated it at the bank. CLG word means the cheque has been cleared by the bank and the funds have been credited to your account. Also Read – RTGS Full Form & Know about RTGS, NEFT

CLG Full Form

Learn the meaning of this word in the given table.

What is the CLG full form in the banking passbook?
1 CLG is an abbreviation for Clearing Word.
2 CLG Stand for Clearing.
3 CLG full form name Clearing.

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CLG stands for clearing in banking. In the case, the individual who gave you the check made a transaction commitment, and the banks resolved the transaction; this entire process is referred to as clearing. It means transferring a promise of money (typically in the form of checks or electronic payment requests) into a physical transfer of money from one bank account to another. Also read – Get Rs. 1 Lakh Personal Loan from QuickCredit App

 

Clearing Houses

There are 1150 cheque clearing houses in India, which are maintained by commercial bank teams and the Reserve Bank of India. The clearing houses handle transactions involving multiple banks’ checks. Also read – Get Paytm – Personal Loan Online on EMI with Low Rate

A clearing house is an institution that processes payments and settles accounts between other financial institutions. The term ‘clearing house’ is most commonly used when referring to the central bank or a quasi-central bank. Clearing houses provide financial institutions with a means to settle outstanding balances, or the amount of money that one party owes to another. For example, when a consumer uses their debit card to make a payment to a retailer, the bank that operates the consumer’s debit card will pay the retailer the amount owed.

Source: List of Clearing Houses

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