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CTS – Cheque Truncation System
CTS Full-Form refers to Cheque Truncation System. CIS a project started m the yen NOB by the RBI to den chains speedily. Theban of CTS has on the online imam -based scheme denim or truncation system. In this system the MICR (magnetic ink character navigation) data and cheque, and captured at the bank branch when they a collected and are then electronically reunited The CTS war Ant unplesneMed in the New Deno from the year 2008. It inclined ten pilot hanks at that lime In the year 2011, CTS was launched in Chem in
After the CS were implemented, the cheque accessing; declining based on MICR has thsconierned in Chemin as well a New Delhi Smot a number of banks and customer obtained benefits from the CTS, RBI dialled to enrolment this system throws out the nation. The banks started to accept those themes that comply CTS-2010 from 1st Annul of the year 2013. The CTS is quite beneficial for the banks It monde, en enhanced customer window, better customer service and better venficanon or reconciliation.
It also helps by redxing operational risks since at mean the trannewnon mate. The centralized imam system &Alm helm by an airway that the stoma as well as mediaeval data, is an essay. The mintier of errors also mimixoe to the dentate m the ember of manual tasks. Other benefits include real-time tracking of the cheques and their visibility, imeges secure transfer to the RBI etc
The CTS provides advances to the customer, also. The time reminds for the clearance of the cheques is named. Open intel efficiency also increases. Mice the overheads that we involved in the physical clomp process of the themes a cot down. Additionally, it offers better fraud Preventive measure and reconciliation. Instead fluent the physical thane itself. Its image is used this step drastically reduce, the turnaround tune