Multiple choice

Which system speeds up the process of collection of cheques resulting in better service to customers?

  1. MICR

  2. ECS

  3. NEFT

  4. CTS

  5. RTGS
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Cheque truncation speeds up the process of collection of cheques resulting in better service to customers, reduces the scope for clearing-related frauds or loss of instruments in transit, lowers the cost of collection of cheques, and removes reconciliation-related and logistics-related problems, thus benefitting the system as a whole.

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