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| Why you need to apply for a new cheque book ? Dec 14, 12 |
Considered to be a major milestone in the history of Indian banking, Cheque Truncation System (CTS) aims to make cheque clearance more efficient and reduce the clearance time of cheques to one day, thereby trimming down the floating time considerably. India processes as many as 1.2 billions cheques annually and therefore, the implementation of this system would drastically cut down the waiting period involved. The system will be implemented nationwide from January 1, 2013.
How does it work?
An online image-based cheque clearing system, the collecting bank branch would deploy scanned imag .... More |
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