RBI asks banks to extend new cheque system across all branches by September 30

RBI said banks need to ensure that all their branches participate in “image-based” CTS under respective grids by September 30, 2020. 

The Reserve Bank of India has decided to extend the new Cheque Truncation System (CTS) across all bank branches in the country. The CTS is currently operational in major clearing houses in the country, but not in smaller branches of various banks. The RBI informed in a fresh notification that banks need to ensure that all their branches participate in “image-based” CTS under respective grids by September 30, 2020. “To leverage the availability of CTS and provide uniform customer experience irrespective of the location of her/his bank branch, it has been decided to extend CTS across all bank branches in the country,” RBI said.