Cheque clearance process all set to get faster thanks to CTS
BANKING FINANCE|March 2021
To expedite the process of clearance of cheques, the RBI has announced bringing all bank branches under the Cheque Truncation System (CTS). Also, the apex bank wants to centralize the digital payment helpline to address consumer grievances.

Currently, CTS is operational in most of the clearing houses across India. However, some bank branches are yet to come under its purview.

About 18,000 bank branches are still outside any formal clearing arrangement. It is now proposed to bring all these bank branches under CTS clearing by September.

With this measure, all bank branches in the country would be covered under the CTS. This will enhance customer convenience and bring operational efficiency to the paper-based clearing system.

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