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.
- 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