Reserve Bank of India (RBI) has issued a notification regarding extension of Cheque Truncation System (CTS) across all bank branches in the country.
In order to leverage the availability of CTS and provide uniform customer experience irrespective of location of her/his bank branch, it has been decided to extend CTS across all bank branches in the country.
Accordingly, banks shall have to ensure that all their branches participate in image-based CTS under respective grids by 30th September, 2021. They are free to adopt a model of their choice, like deploying suitable infrastructure in every branch or following a hub and spoke model, etc. and concerned banks shall coordinate with the respective Regional Offices of RBI to operationalise this.
Further, banks are advised to inform RBI the roadmap to achieve Pan-India coverage of CTS and submit a status report before 30th April, 2021.
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