Indian Bank CTS Cheque

Hey Buddy, I want to know the CTS System in Indian Bank for Cheques so can you please tell me?

[pawan]

Cheque Truncation System (CTS) is a project of the Reserve Bank of India (RBI), for faster clearing of cheques.

CTS is based on a cheque truncation or online image-based cheque clearing system where cheque images and magnetic ink character recognition (MICR) data are captured at the collecting bank branch and transmitted electronically.

Cheque truncation means stopping the flow of the physical cheques issued by a drawer to the drawee branch.

There is no physical movement of cheques, there is no fear of loss of cheque in transit.

Usage of CTS cheques also means quicker clearance, shorter clearing cycle and speedier credit of the amount to your account.

Depending on whether the cheque is local or outstation, the cheque can get cleared on the same day or within 24 hours.

The biggest advantage is that CTS-compliant cheques are more secure than old cheques and, hence, less prone to frauds.

It is proposed to integrate multiple locations and reduce geographical restrictions in cheque clearing.

Hence, there are chances of multi-city cheques getting cleared on the same day, going forward.

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