InvestorQ : What did the RBI mean when it said that all cheques will be CTS compliant by September 2020?
Arya Nanda made post

What did the RBI mean when it said that all cheques will be CTS compliant by September 2020?

Answer
user profile image
Deepa Salunkhe answered.
8 months ago


The Cheque truncation service (CTS) is a method of clearing cheques speedily at the RBI. When it was launched in 2010, it was only launched in major cities and not permitted across India. In its policy announcement, the RBI announced that the Cheque Truncation System (CTS), which is currently operational at the major clearing houses of the country, will be made operational across India by September 2020. According to RBI, the CTS had stabilised and had made large efficiency gains for the business and the regular users. Hence, a pan India CTS will be made operational by September 2020 and the same was announced by the RBI as part of its monetary policy announcement.