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RBI says to implement an image-based Cheque Truncation System by 30 September

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RBI says to implement an image-based Cheque Truncation System by 30 September

Reserve Bank of India (RBI) has asked all bank to start the implementation of image-based Cheque Truncation System by 30th September 2021.

  • the image-based clearing mechanism System will help in the faster settlement of cheques resulting in better customer service.

Also read: RBI makes panel for strengthening Urban Co-operative Banks

  • The CTS is in use since 2010 and presently covers around 1,50,000 branches.

Reserve Bank of India –

  • Bank rate: 4.00%
  • Headquarters: Mumbai
  • Founder: British Raj
  • Governor: Shaktikanta Das

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