B737 Master Caution On Recall
 

if during recall, an amber caution illuminates and then extinguishes after MASTER CAUTION reset:
• Check the MEL and DDPG.
• The respective NNC is not needed
Since it is the failure of one element in a system and system operation is maintained by a second element.

if we take example of speed trim system light say on recall on the ground does it mean if it is only single channel failure, the overhead panel SPEED TRIM FAIL amber light will come on recall and the same light will extinguish with master caution reset. Is my interpretation right?

Yes, it is.

Not much to add. You got it right.
Do you fly classics or NGs? if NGs, which one in particular?
I ask because I might be able to contribute a few things, but wouldn`t want to spend 15 minutes writing stuff about an airplane you don`t fly.
Rgds.

Wouldn't mind a little clearer explanation. I used to fly the 200 series.

It is 737 NG