The Reserve Bank of India has asked banks to implement the image-based Cheque Truncation System (CTS) in all branches by September 30 this year. The move is aimed at faster settlement of cheques resulting in better customer service. The Apex bank said that to leverage the availability of CTS and provide a uniform customer experience irrespective of the location of her/his bank branch, it has been decided to extend CTS across all bank branches in the country. To facilitate this, banks will have to ensure that all their branches participate in image-based CTS under respective grids by September 30.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
About Image Cheque clearing system:
What is Cheque Truncation System?
A cheque truncation system is an arrangement that facilitates the electronic processing of a cheque with the use of Magnetic Ink Character Reader (MICR) data and the scanned image of the instrument without involving any physical exchange or movement of the financial instrument.
From the sprawling plains of the Midwest to the sun-kissed shores of the Pacific, the…
The Indian political landscape has lost a seasoned leader with the passing of V. Srinivas…
The Badminton World Federation (BWF) has announced that India will host the prestigious 2025 BWF…
In the mosaic of American cities, certain urban centers stand out as bastions of liberal…
In a remarkable achievement, ICICI Bank has etched its name among India's top five companies…
The Government of India has introduced a Floating Rate Bond (FRB) maturing in 2034, with…