Multiple choice

Cheque truncation can be done by

(a) using MICR data (b) using imaging processing (c) using advanced processing technology

  1. (a) and (b)

  2. (b) and (c)

  3. (a) and (c)

  4. (a) to (c) all
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Cheque Truncation System (CTS) or Image-based Clearing System (ICS), in India, is a project undertaken by the Reserve Bank of India (RBI) in 2008, for faster clearing of cheques. CTS is based on a cheque truncation or online image-based cheque clearing system where cheque images and magnetic ink character recognition (MICR) data are captured at the collecting bank branch and transmitted electronically.

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