RBI asks banks to implement image-based Cheque Truncation System in all branches by September 30

Current GK ( Master) Banking Awareness

The Reserve Bank of India has asked banks to implement the image-based Cheque Truncation System (CTS) in all branches by September 30, 2021.
The CTS clearing mechanism will bring operational efficiency in paper-based clearing and make the process of collection and settlement of cheques faster resulting in better customer service.
The CTS is in use since 2010 and presently covers around 1,50,000 branches. However, there are about 18,000 bank branches that are still outside any formal clearing arrangement.
Therefore to help these bank branches leverage the availability of CTS and provide uniform customer experience irrespective of location of her/his bank branch, it has been decided to extend CTS across all bank branches.