Cheque Truncation System (CTS) was implemented by Reserve Bank of India at New Delhi NCR Region Bankers Clearing House. With the discontinuance of MICR Clearing, CTS has covered all bank branches across PAN India.
- Reduced timelines for clearing.
- Easy retrieval of information.
- Superior verification and reconciliation process.
- Operational efficiency for banks and customers alike.
- Better Customer Service - Settlement on T+1 Basis i.e. customer can get funds on next working day, subject to bank policies.
- Reduction in operational risk and risks associated with paper clearing.
- No geographical restrictions as to jurisdiction.
- CTS 2010 standards leading to enhanced security and automation.