All bank branches to be covered under Cheque Truncation System by September 2021, BFSI News, ET BFSI
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Cheque Truncation System (CTS) is a clearing system undertaken by the RBI for quicker cheque clearance where an electronic image of the cheque is transferred with vital essential data instead of physical cheque.
RBI Governor Shaktikanta Das said, “The coverage of the Cheque Truncation System (CTS) has been extended to all legacy clearing houses by September 2020. It is, however, noticed that about 18,000 bank branches are still outside any formal clearing arrangement.”
Das added, “It is now proposed to bring all these branches under CTS clearing by September 2021. With this measure, all bank branches in the country would be covered under the CTS. This will enhance customer convenience and bring in operational efficiency to paper based clearing system.”
CTS has been in use since 2010 and covers around 150,000 branches across three cheque processing grids. All the erstwhile 1219 non-CTS clearing houses have been migrated to CTS and it has been observed by RBI that about 18000 bank branches are still outside any formal clearing arrangement.
To bring operational efficiency in paper based clearing and making the process of collection and settlement of cheques faster the RBI has proposed to bring all such branches under the CTS mechanism by 2021 and will issue separate operational guidelines in a month’s time.
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