BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Target
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Transport
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Transfer
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Truncation
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Detailed explanation-1: -Cheque Truncation System (CTS) is a process of clearing cheques electronically rather than processing the physical cheque by the presenting bank en-route to the paying bank branch.
Detailed explanation-2: -Cheque Truncation System. (Updated as on October 31, 2022)
Detailed explanation-3: -Cheque Truncation System (CTS) or Image-based Clearing System (ICS), in India, is a project of the Reserve Bank of India (RBI), commenced in 2010, for faster clearing of cheques.
Detailed explanation-4: -Cheque Truncation System (CTS) is a cheque clearing system undertaken by the Reserve Bank of India (RBI) for quicker cheque clearance. As the term proposes, truncation is the course of discontinuing the flow of the physical cheque in its way of clearing.
Detailed explanation-5: -The full form of CTS is the Cheque Truncation System. It is a clearance system for cheques used by the Reserve Bank of India (RBI) for faster cheque clearances.