CURRENT AFFAIRS

Detailed explanation-1: -History. The Reserve Bank of India first implemented CTS in National Capital Region, New Delhi from 1 February 2008 with ten pilot banks and the deadline was set as 30 April 2008 for all the banks. This was followed by launch of CTS in Chennai on 24 September 2011.

Detailed explanation-2: -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-3: -The old CTS 2010 cheques already printed/ delivered/ issued/ enfaced but not en-cashed till 31.08. 2022, shall be en-cashed up to 90 days from the cheque issue date or till 28th November, 2022 whichever is earlier.

Detailed explanation-4: -Maximum timeframe for collection of cheques drawn on state capitals / major cities / other locations are 7/10/14 days respectively. If there is any delay in collection beyond this period, customer is entitled to receive compensation at the rate specified in the CCP of the concerned bank.

Detailed explanation-5: -CTS enables fast and cheap realisation of funds to customers as compared to traditional mechanisms. Under grid-based CTS clearing, all cheques drawn on bank branches falling within in the grid jurisdiction are treated and cleared as local cheques.