Mumbai, Mar 15 () The Reserve Bank on Monday asked banks to implement the image-based Cheque Truncation System (CTS) in all branches by September 30, a move aimed at faster settlement of cheques ...

This will provide clearance of intercity cheques within 48 hours after the cheque is presented, at selected centers using cheque truncation, where there is image based cheque clearing system.

In its sixth bi-monthly monetary policy statement, the Reserve Bank of India (RBI) on Thursday said it would implement the Cheque Truncation System (CTS) across the country by September 2020.

Currently, cheque clearing through the Cheque Truncation System (CTS) takes up to two working days due to its batch processing mode. Das revealed that the RBI aims to introduce continuous clearing ...