Cheque Truncation System or Image-based Clearing System, in India, is a project of the Reserve Bank of India, commenced in 2010, for faster clearing of cheques.
What is the meaning of CTS Cheque?
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.
How can identify CTS Cheque?
How to identify if your cheques are CTS 2010 compliant?
- Bank/branch address with IFSC code will be printed on the top left corner of the cheque.
- Standard date format.
- Printer name along with 'CTS 2010' printed on the extreme left of the cheque.
- Bank logo on the centre of the cheque.
