Cheque Truncation System (CTS): All you need to know about

Cheque Truncation System (CTS): All you need to know about

Cheque Truncation System (CTS) are written contracts whose benefit could be passed on from its original holder to a new holder. In other words, Cheque Truncation System (CTS) are documents which promise payment to the assignee (the person whom it is assigned to/given to) or a specified person.

1-2 Questions about the financial organizations like Cheque Truncation System (CTS) are asked in the government exam in the General Awareness section. Here we are providing the complete information regarding the Cheque Truncation System (CTS).

We will discuss here the Cheque Truncation System (CTS). All the questions related to Cheque Truncation System (CTS) will be answered in this article. Here we have also provided a Quiz related to Cheque Truncation System (CTS). Cheque Truncation System (CTS) related Complete Information will be very helpful in the General awareness section in different competitive exams like Bank, SSC, Railways, etc.

Introduction of CTS

  • Cheque Truncation System (CTS) or Image-based Clearing System (ICS), in India, is a project of the Reserve Bank of India (RBI), commenced in 2010, 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.
  • चेक ट्रंकेशन सिस्टम (CTS) या इमेज-बेस्ड क्लियरिंग सिस्टम (ICS), भारत में, भारतीय रिज़र्व बैंक (RBI) की एक परियोजना है, जो 2010 में शुरू हुई, चेक को तेज़ी से क्लियरिंग करने के लिए।  सीटीएस एक चेक ट्रंकेशन या ऑनलाइन इमेज-आधारित चेक क्लियरिंग सिस्टम पर आधारित है, जहां चेकिंग इमेज और मैग्नेटिक इंक कैरेक्टर रिकग्निशन (MICR) डेटा को एकत्रित बैंक शाखा में कैद किया जाता है और इलेक्ट्रॉनिक रूप से प्रसारित किया जाता है।
  • चेक ट्रंकेशन का अर्थ है ड्रावर ब्रांच द्वारा जारी किए गए शारीरिक रूप से चेक के प्रवाह को रोकना।

Advantage of CTS

  • Banks derive multiple benefits through the implementation of CTS, like a faster clearing cycle meaning technically possible realization of proceeds of a cheque within the same day. It offers better reconciliation/ verification, better customer service and enhanced customer window. Operational efficiency provides a direct boost to bottom lines of banks as clearing of local cheques is a high cost low revenue activity.
  • बैंक सीटीएस के कार्यान्वयन के माध्यम से कई लाभ प्राप्त करते हैं, जैसे कि एक तेजी से समाशोधन चक्र जैसे तकनीकी रूप से एक ही दिन में चेक की आय का संभावित वसूली। यह बेहतर सामंजस्य / सत्यापन, बेहतर ग्राहक सेवा और उन्नत ग्राहक विंडो प्रदान करता है। परिचालन दक्षता बैंकों की निचली रेखाओं को प्रत्यक्ष बढ़ावा देती है क्योंकि स्थानीय चेक क्लियरिंग उच्च लागत कम राजस्व गतिविधि है।

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