2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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31 December
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30 August
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31 July
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30 September
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Detailed explanation-1: -Detailed Solution. The correct answer is RBI. Reserve Bank of India has asked banks to implement the image-based Cheque Truncation System (CTS) in all branches by September 30, 2021.
Detailed explanation-2: -CTS has been implemented in New Delhi, Chennai, and Mumbai with effect from February 1, 2008, September 24, 2011, and April 27, 2013 respectively. After migration of the entire cheque volume to CTS, the traditional mechanisms of cheque clearing have been discontinued across the country.
Detailed explanation-3: -To facilitate this, banks shall have to ensure that all their branches participate in image-based CTS under respective grids by September 30, 2021.
Detailed explanation-4: -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-5: -Cheque Truncation System. (Updated as on October 31, 2022) 1. What is Cheque Truncation? Truncation is the process of stopping the flow of the physical cheque issued by a drawer at some point by the presenting bank en-route to the paying bank branch.