CTS Full Form, what is the full form of CTS, what is CTS, what is CTS, what is the full name and meaning of CTS, you will get answers to all such questions in this post.
CTS Full Form
The CTS has a full form Cheque Truncation System. This is called the system of cheque deduction in Hindi. The Reserve Bank has once again deferred the deadline till July 31 to fully implement the Better Secure Cheque System CTS in the Banking System. Earlier this deadline was fixed for 31 March.
As an investor, it is important for you to know about this new cheque system. If you use CTS i.e. Cheque Truncation System, then your work is done quickly and this financial transaction process is 100 percent safe. Now your cheque will not have to go from one bank to another to become clear.
An electronic image with all the necessary information will be sent to the related party. These cheque are more secure because in the new cheque system, just below the account number on the left side, there is a Voyad Patentograph, which is impossible to copy or scan, and it is impossible to create a fake cheque as well as the symbol of the rupee where you fill the Amount. The symbol will be inscribed. The entire cheque will have an invisible logo of the bank, which will be easily caught in the case of copying.
History Of CTS
• The CTS was first launched in National Capital Region, New Delhi by Reserve Bank of India in February 2008.
• In September 2011, it was launched in Chennai.
• In 2013, RBI decided from 1 August 2013 only CTS-2010 cheques would be accepted by the banks for clearance. Later, in July 2013, this deadline was extended to 31 December 2013.
Benefits of CTS
• CTS cheque clearing is possible in 24 hours.
• The fake use of cheque is impossible.
• The probability of missing a cheque is less.
• There is a facility of clearing in any bank anywhere in the country.
• Standard cheque system to be introduced by all banks.
CTS Cheques Features
There are many features of CTS cheque. Friends, if we talk about all its features, then we would like to tell you that in today's time all banks already have a standard check of very good quality. But friends, all these have been made under the old banking process. In CTS 2010 System, you will get many features like Fast Clearing and Real Time Tracking.
If we talk about its most unique features, then we would like to tell you that CTS-2010 Compliance will be the same size and paper of all banks' checks, and the signature and Date Detail will be exactly the same.
In all the CTS cheque, you will see the watermark of CTS India. You can see this watermark only in Light. The most important thing about this watermark is that it helps in preventing Cheque Fraudulent.
