CTS Cheque 2010 : All About Cheque Truncation System

CTS Cheque 2010 is a image based cheque clearing system undertaken by public banks of many countries for faster clearing of cheques based on electronic data. First and foremost, many thanks goes to Axis Bank, India for providing helpful information. This article on CTS Cheque 2010 is for increasing public awareness and a special information for Indian Residents regarding CTS Cheque 2010 is furnished as well at the end of the article.

 

What is CTS Cheque 2010 or Cheque Truncation System ?

 

CTS Cheque 2010 is a technology, for Faster clearing cycle; better verification process, Better Customer Service including inter-city clearing, No Geographical Dependence, Better Operational Efficiency,  Less Transaction Costs. Cheque truncation (in United States) is the conversion of physical cheque into electronic form for transmission to the paying bank. Cheque truncation eliminates the cumbersome physical presentation of the cheque and saves time and processing costs.

Those who are Google AdSense Publishers knows the typical appearance of Cheque truncation underwent Cheque, we receive the digital format of the cheque :

As neither we or you the reader is the Bank, there is not much need to know more about how Cheque truncation system works. As Google is Citi Bank’s Premium Customer, there are few thousands of AdSense Publishers, the appearance is a bit different and customized.

 

What is CTS Cheque 2010 For India ?

 

As Indian Rupee (INR) is quite important now, various points of economics is Internationally important and not all banks are as cream as Axis Bank, Citi Bank etc.

Upgrading to CTS Cheque 2010 is very important, it is basically closer to the standard. This is the format of CTS Cheque 2010 :

 

 

This is sent by Axis Bank to all the customers. Non-CTS cheques should not be used post 31st March, 2013. Post dated cheques issued by you and due after 31st March 2013, needs to replace by CTS 2010 compliant cheques. Axis Bank has started issuance of CTS 2010 cheque book post August 2011. In case you hold cheque books prior to August 2011, immediately replace them with CTS 2010 compliant cheque books from your own Branch.

We can not give any information about any other Banks. Citi Bank users has own account manager, they probably has phoned you or will phone you, still ask him/her about their timeline. And more information about CTS Cheque 2010 from Reserve Bank of India are here :

 

• PDF distributed by RBI giving info on cheque truncation project in the National Capital Region
• FAQ on CTS Cheque – Webpage of RBI

 

As you are reading about money, we hope you know about the needed knowledge about ATM.

 

This Article Has Been Shared 613 Times!

Facebook Twitter Google+ Pinterest