What is Cheque Truncation System and how it benefits you?
- Currently, the CTS process is operational at major clearinghouses of the country but not across all bank branches
- CTS cheques have more security features such as watermarks and bank’s logo printed using special ink that’s visible only under UV scanners
Cheque Truncation System (CTS) is a process of clearing cheques electronically rather than processing the physical cheque by the presenting bank en-route to the paying bank branch. It is a step undertaken by the Reserve Bank of India (RBI) for quicker cheque clearance.
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