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?

1. Bank/branch address with IFSC code will be printed on the top left corner of the cheque.
2. Standard date format.
3. Printer name along with 'CTS 2010' printed on the extreme left of the cheque.
4. Bank logo on the centre of the cheque.

What is CTS and non CTS Cheque?

If the cheque book is not with CTS-2010 cheque leafs, they are referred to as non-CTS cheque books. ... In cheque truncation, the movement of the physical instrument is stopped and replaced by electronic images and associated MICR line of the cheque.

What is CTS payment?

Cheque Truncation System (CTS) is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for quicker cheque clearance. ... Instead of this an electronic image of the cheque is transferred with vital essential data.

चेक बंद ❌ | Difference between CTS & Non-CTS | HDFC , SBI , Axis ,PNB...

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Is CTS Cheque mandatory?

The Reserve Bank of India (RBI) recently made it mandatory for all banks to implement Cheque Truncation System (CTS) in all their branches across the country by September 30, 2021. ... The Cheque Truncation System (CTS) has been in use since 2010 and currently extends to around 1,50,000 branches.

What is CTS full form?

Cheque Truncation System (CTS) is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for faster clearing of cheques. ... In its place an electronic image of the cheque is transmitted with key important data.

Can I deposit non CTS cheque?

SBI customers can deposit their non-CTS cheque in their respective branch and get free new CTS-2010 standard chequebook. In an official notice on its website, HDFC Bank says separate sessions for clearing of non-CTS cheque will be discontinued from December 31.

When did CTS cheque started in India?

The Reserve Bank of India first implemented CTS in National Capital Region, New Delhi from 1 February 2008 with ten pilot banks and the deadline was set as 30 April 2008 for all the banks. This was followed by launch of CTS in Chennai on 24 September 2011.

Is non CTS cheque still valid?

Only CTS 2010 compliant instruments can be presented for clearing through CTS. The separate non-CTS clearing sessions in CTS grid centres was discontinued with effect from December 31, 2018.

What is CTS return?

The main objective of Cheque Return Policy is to identify the situations under which an instrument presented by the presenting bank, in either CTS or MICR clearing, is returned. An instrument may not be honoured owing to a single reason or due to multiple reasons. ... Return of collection cheques received by post.

What is electronic cheque?

eCheck is a digital version of a paper check and is also known as an electronic check, online check, internet check, and direct debit. eChecks use the Automated Clearing House (ACH) to direct debit from a customer's checking account into a merchant's business bank account, with the help of a payments processor.

Is multi City cheque is CTS cheque?

The payment of existing Order Multi-city (payable at par) CTS-2010 standard cheques already issued to the customers will be allowed for cash payment at Home branches to the bearer of the cheques as per the endorsement of the drawer on the reverse of the cheque.

What is CTS and CVS?

CVS - Chorionic Villus Sampling

CTS - Cheque Truncation System.

Which Cheques are not accepted?

2) Irregular signature: The signature of the drawer on the cheque does not match the specimen signature available with the bank. 3) Stale and post-dated cheques: A cheque presented 3 months from the date written on it or presented before the date written on it.

What is CTS business?

I often hear a lot of businesses and managers talking about a metric Cost-to-Serve(CTS) - reducing cost-to-serve a customer. They continuously talk about moving customers to lower cost channels and hence reducing the cost-to-serve & improving profitability.

How many CTS grids are there in India?

Under this approach the entire cheque volume in the country which was earlier cleared through 66 MICR Cheque Processing locations is consolidated into the three grids in New Delhi, Chennai and Mumbai. Each grid provides processing and clearing services to all the banks under its respective jurisdiction.

What is ECS?

ECS is an electronic mode of funds transfer from one bank account to another. It can be used by institutions for making payments such as distribution of dividend interest, salary, pension, among others.

Is stamp mandatory on Cheque?

Stamp is required to be affixed on cheques.

How long does it take for a non CTS Cheque to clear?

“A few banks have even stopped taking non-CTS cheques anymore. For all practical purpose, the cheque clearing between scheduled commercial banks now happens within three working days," said an official of Indian Bank on anonymity as he is not authorised to talk to media.

How do I get a non CTS Cheque cleared?

Worth mentioning here is that most banks have already stopped clearing non-CTS cheques since January 1, 2019. So if you are still holding a non-CTS cheque book, then you should ask your bank to issue a fresh cheque book. All the banks are now required to issue CTS-2010 cheques only.

What is CTS property?

CTS Number, also known as the City Title Survey Number, is an identification number, which should mandatorily be obtained by property owners, buyers, and sellers in Mumbai.

What is CTS net?

In Microsoft's . NET Framework, the Common Type System (CTS) is a standard that specifies how type definitions and specific values of types are represented in computer memory. It is intended to allow programs written in different programming languages to easily share information.

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How many grids are there in CTS?

The CTS project is categorized into three grids to manage cheque processing in the country, including North Grid based in Delhi, South Grid in Chennai and the West Grid in Mumbai.