Members are hereby informed, that Indian Clearing Corporation Ltd. (ICCL) would introduce a facility through empanelled Banks for electronic confirmation of Bank Guarantees issued in favour of ICCL towards Liquid Assets (collateral) requirements for clearing members.
The process for availing this facility would be as follows:
· Members who wish to avail such facility can approach any of the empanelled banks.
· Submit their request along with the required documents/information and complete the necessary formalities as my be required by the concerned banks for issuing Bank Guarantees towards Liquid Assets (Collateral) requirements for members of ICCL.
· If the documents are in order as per bank’s requirements, then the Bank may issue the Bank Guarantee documents in favour of ICCL as per the existing process.
· Bank will update and confirm such Bank Guarantee information electronically to ICCL through the system provided by ICCL.
The process for withdrawal of such Bank Guarantees would be same as that of the current process for the Bank Guarantee Release.
The following bank shall provide this facility to member’s w.e.f. September 07, 2015: