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CTS Full Form


CTS Full Form​

CTS Full Form stands for Cheque Truncation System

What does CTS mean?

CTS Full Form (CTS) in India, is a task of the (RBI), initiated in 2010, for quicker freeing from cheques.CTS depends on a check truncation or online picture-based check clearing framework where check pictures and attractive ink character acknowledgment (MICR) information are caught at the gathering bank office and transmitted electronically.Check truncation implies halting the progression of the physical checks gave by a cabinet to the drawee branch. The physical instrument is shortened sooner or later in course to the drawee branch and an electronic picture of the check is sent to the drawee branch alongside the important data like the MICR fields, date of introduction, introducing banks and so forth. This would dispense with the need to move the physical instruments across branches, aside from in remarkable conditions, bringing about a powerful decrease in the time required for the installment of checks, the related expense of travel and postponements in handling, and so forth., along these lines accelerating the procedure of assortment or acknowledgment of checks.